Purchase Property

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573 Points Posted on 19 December 2020
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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On 19 December 2020 at 21:13 Report
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Quick Summary
This discussion addresses how to file an income tax return for a client who purchased property for £8 lakh in FY 2019-20. The advice clarifies that purchasing an asset doesn't typically trigger capital gains tax. However, it highlights the potential applicability of Section 56(2)(x) if the property was acquired below its stamp duty value, and advises filing a normal return.

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Tax consultant
5895 Points Posted on 19 December 2020
Business or salary person
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On 19 December 2020 at 22:04
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573 Points Posted on 20 December 2020
Business
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On 20 December 2020 at 10:50
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Tax consultant
5895 Points Posted on 20 December 2020

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

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On 20 December 2020 at 12:04
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573 Points Posted on 20 December 2020
Ok Thanks so much
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On 20 December 2020 at 13:14
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Accountant
4533 Points Posted on 23 December 2020
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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On 23 December 2020 at 02:18

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