Capital gain
This query is : Resolved
27 August 2020
Sold a residential property for 40 lakhs. In sale deed govt. Value of 18 lakhs is shown & received DD for that. Remaining 22 lakhs is received by cheque & deposited in bank. Can the whole 40 lakhs be shown as sale consideration for computing capital gains in income tax return.
28 August 2020
Yes 40L will be sale consideration.
28 August 2020
no that will not be your sale proceeds part
30 August 2020
Remaining 22 lakhs is not mentioned in sale deed. Can we still show it as sale consideration?. Do we need agreement made between buyer & seller as a proof for income source
31 August 2020
The full value of consideration received or to be received by the seller as a result of transfer of his capital assets is to be shown in the books of account and accordingly in ITR. Capital gains are chargeable to tax in the year of transfer, even if no consideration has been received.
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