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Purchase Property
My client purchase property 8lakh F Y 2019-20 then I have to file income tax return.. Please tell me what I do to fill the ITR Return in which head of the income. please brief explain and under the head of capital gain.
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Business or salary person
Business
Just show his income keeping the purchase value in your mind
Adjust his cash in hand keeping the purchase value and previous cash in hand
If you're showing his balance sheet then added the value there's
Ok Thanks so much
File normal return. No capital gain on purchase of asset. But sec 56(2)X might applicable if asset is purshased at lower STAMP DUTY VALUE.
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