Taxability of ltcg on sale of residential property where sale consideration is not received

Tax queries 118 views 1 replies

Assessee has sold the residential property worth Rs. 1 cr (Cost of flat is Rs. 12 lakhs )and received only 20 lakhs.

Assessee wants to claim the Exemption under section 54 by investing in another residential property for which he has booked the flat and paid Rs. 20 lakhs for the purchase of property. However he has not made the further payments for the purchase of property  as he has not received the money from the buyer to whom he has sold the residential property.

So would like to know what is amount to be taken as sales in capital Gain and Exemption to be claimed in Capital Gain. (please note sale is registered in the F.Y 2017-18)

Whether can we show the sale consideration as Rs. 20 lakhs and claim exemption of Rs. 20 laksh and the balance consideration of Rs. 80 laksh in next year..

 

Replies (1)

"What is amount to be taken as sales in capital Gain and Exemption to be claimed in Capital Gain? (please note sale is registered in the F.Y 2017-18)"

Sales value as sale deed value of the property sold, here 1Cr.

Exemption claimed (u/s. 54) in 2017-18 will be 20 lakhs.......

Balance of LTCG amount will be taxable unless paid for the new property or deposited in CGSA before filing return for AY 2018-19


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