Capital gains on sale of residential house
This query is : Resolved
31 August 2019
Hi, need to know how one should disclose capital gains in the ITR form in the following scenario:
Total sales consideration - 90L
Received 89 L in December 2018 (i.e. AY 2019-20)
Sale agreement executed in June 2019 (i.e. AY 2020-21) + Final Payment 1 L received on which TDS @ 1% is deducted.
In which year, do I show the sale? Also, in case the sale is reported in AY 2019-20, how do I claim the TDS credit in the next year (AY 2020-21) because since technically in that year I will be offering no capital gains income.
Total sales consideration - 90L
Received 89 L in December 2018 (i.e. AY 2019-20)
Sale agreement executed in June 2019 (i.e. AY 2020-21) + Final Payment 1 L received on which TDS @ 1% is deducted.
In which year, do I show the sale? Also, in case the sale is reported in AY 2019-20, how do I claim the TDS credit in the next year (AY 2020-21) because since technically in that year I will be offering no capital gains income.
01 September 2019
There are 2 things one is Agreement for Sale and other is Sale Deed .
When were these entered into ?
When were these entered into ?
03 September 2019
You need to offer the Capital Gain in the year you executed the sale deed i.e. June 2019 as the ownership will be transferred on that day. The amount received in December 2018 should be treated as advance against the property.
01 December 2019
@ V.K. Vijayaraghavan
There was only a sale deed - which was executed and registered in June 2019.
There was only a sale deed - which was executed and registered in June 2019.
09 December 2019
Okay then AY 2020-21
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