Capital gain

This query is : Resolved

NIRMAL DAVE (Querist)
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25 November 2017 WHETHER BENEFIT U/S 54/54F IS AVAILABLE IN CASE PROPERTY WHICH IS SOLD IS NOT DISCLOSED IN INCOME TAX RETURN? I AM FILING ITR -4 (NOW ITR - 3) AS I HAVE BUSINESS INCOME.

THANKS IN ADVANCE

Sumeet

Sumeet (Expert)
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25 November 2017 Benefit of Section 54/54F is available when there is Long Term Capital Gain arising on sale of Capital Asset. Property sale need to be shown in ITR to compute Capital Gain arising on sale and suseqentaly availing benefit of 54/54F.
Profit on sale should not be included in PGBP Head.

NIRMAL DAVE

NIRMAL DAVE (Querist)
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27 November 2017 I HAVE INHERITED A PROPERTY IN 2010 WHICH I SOLD IN F.Y. 2017-18. BUT I HAVE NOT DISCLOSED THE SAME PROPERTY IN MY INCOME TAX RETURN IN ANY PRECEDING FINANCIAL YEAR ( I AM FILING ITR 4 OR 3 AS I HAVE INCOME FROM PGBP). I WANT TO KNOW THAT WHETHER IN SUCH CASE BENIFIT U/S 54/54F IS AVAILABLE EVEN THOUGH I HAVE NOT DISCLOSED PROPERTY IN INCOME TAX RETURN?

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Sumeet

Sumeet (Expert)
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27 November 2017 YES, BENEFITS WILL BE AVAILABLE

NIRMAL DAVE

NIRMAL DAVE (Querist)
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27 November 2017 THANK YOU SUMEET SIR.