it assessee purchase of apartment value rs:15 lacs in f.y.2017-18 year. assessee sales of apartment value rs:30 lacs in f.y.2019-20. if sale of apartment transaction value not reported (missing) in f.y.19-20.
question:
1.apartment sales capital gains applicable
2.how to show procedure sales value in it returns.
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Sales property not reported
Replies (1)
It will be treated as Long term Capital Gain - Sale of House Property, Assuming the Holding is for more than 2 years. You can take benefit of Indexation.
Either apply for 119(2)(b) or wait for the notice of Income escape assessment.
One thing i suggest is to apply the gain amount either for construction or purchase of new house property, so that you can claim the benefit of Exemption. (Exemption u/s 54)
P.S - This is my suggestion only. I am not an expert.
Either apply for 119(2)(b) or wait for the notice of Income escape assessment.
One thing i suggest is to apply the gain amount either for construction or purchase of new house property, so that you can claim the benefit of Exemption. (Exemption u/s 54)
P.S - This is my suggestion only. I am not an expert.
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