SFT TRANSACTION REPORTING

Respected Seniors,

I have sold an industrial shed in fy 20-21 for Rs 30 lacs which was owned by me and my wife 50% each and we both have invested for land and she'd making equally and we both are tax payer.

Now it is showing Rs 30 lacs SFT transaction in 26AS of both of us but actually we both have got 15 lac payment each's name by cheque. After calculating the land price and and development cost and indexation as 2 years has passed we have also purchased 54ec capital gain bond also.

Now please guide me whether we are required to submit Form 61A or not.If yes to submit what is the last date for same
Secondly can I only show the long-term capital gain in IT RETURN
Thirdly individually we have got 15 lacs how to show the same.


Thanking you in advance.

Regards,
YOGESH
Replies (7)
Quick Summary
This discussion addresses a query regarding SFT (Specified Financial Transaction) reporting for the sale of an industrial shed. The user and their wife jointly owned the property, each receiving Rs 15 lakh via cheque. They have also invested in a 54EC capital gains bond. The core questions revolve around the necessity of filing Form 61A, its deadline, how to report individual long-term capital gains on tax returns, and how to declare the Rs 15 lakh received by each owner.

Yogesh
there are many aspects to do.
1.declaration.
2. please send details at sabyasachimukherjee7098 @ gmail.com.
61A is reported by registrar, not seller or buyer
Now show long term capital gain, if any, after 54EC deduction
I assume, it is long term capital gain, after indexation, & taking into consideration municipal value or valuation report
Thank you Sir

I presume, u have sold on individual level

Sir i was 50℅ owner and my wife was 50℅ owner who is also tax payer

I mean on individual capacity & not being director of company.....( U r writing director in bracket)

Yes I have sold on individual capacity

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