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REGARDING FIXED ASSEST SALE

Kamlesh Tolani (accountant) (563 Points)

12 October 2019

ONE FLAT PURCHASE F.Y.2014-15 BUT NOT SHOW IN ASSET NOW SALE THIS FLAT AND PAYMENT RECIVE IN BANK SO HOW TO SHOW IN ITR NOW.

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2 Replies

sabyasachi mukherjee (27858 Points)
Replied 12 October 2019

@ kamalesh when. the asset was purchased in whose name it was purchased.
As evident has the property tax been paid .

Kapadia Pravin (17264 Points)
Replied 16 October 2019

The fact is you have not shown flat purchase during FY 2014+2015.

Despite this fact you will have to show LTCG arising on sale consideration of flat as reduced by indexed value of cost of acquisition.
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Obviously property owner will pay property tax to safeguard his property.