SIR,
A PERSON GOT FROM HIS FATHER AS SETTLEMENT WITH THE VALUE OF 3 LAKHS MUTUAL SETTLEMENT OF A TILED HOUSE 10 YEARS BACK FROM NOW,
3 YEARS LATER HE BUILD A HOUSE NOW HE SOLD THAT HOUSE BUILDING FOR RS.25 LAKHS IS IT HE NEED TO DISCLOSE THAT AMOUNT AS CAPITAL GAIN?
Yes, he has sold House property.
He should declare capital gain/loss over it in ITR 2
R P S K & Associates
Nashik
CA Inter
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BHUPINDER SHAH AND COMPANY
New Delhi
CA Inter
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