04 October 2014
1. I sold a Plot for Rs. 10,40,000/- Lac on 7.3. 2014, which I had purchased for Rs 64,000/- on 2/7/1998. 2. I purchases a flat, in the name of my wife, for which I paid full amount of Rs 32,00,000/- on 14.03.2014. I took possession of flat on 19.06.2014, but its Registry is not yet done. Registry is expected by 31.03.2015. 3. I sold a house, for Rs 25,00,000/- on 29.09.2014, which I had purchases for Rs 8,00,000/- on 28.04.2006. 4. I have never reported any purchase/sale in my Income Tax Return. Kindly give your expert advice on the following points. 1. Whether the 2 transactions carried out in March, 2014 should have been reported by me in my last IT Return which I filed in July, 2014 or nor? If, yes, what is the way out now? 2. LTCG’s in the two sales I have done. 3. Whether the purchase of flat made by me neutralizes all these LTCGs or not? If not, what should I do to save Tax.
CAclubindia
