Long term capital gain

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

09 May 2017 I have been efiling my IT Return since many years showing my business income u/s.44AD. This financial year FY 2016-17, I have sold my house for Rs.20.00 lac which was purchased by me long ago. After applying Indexed cost of acquisition, there is no any capital gain. Is it compulsory to show this transaction in my ITR ? If yes, which ITR should I use ? And how to show the nil LTCC ?

Amol S Joglekar

Amol S Joglekar (Expert)
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09 May 2017 it is advisable to show the exempt long term capital gain.
you may file ITR 3 for assessment year 2017-18

Expert : Anonymous

Expert : Anonymous (Expert)

09 May 2017 Yes you have to specify it in you it return. Because Long Term capital losses not carried forward if you dont show it in return. Also in later years deptt ask for claridication as no details are mentioned in IT return. You have to use ITR-3

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