09 April 2016
In AY 2016-17 Assessee got long term capital gain from sale of land (date of sale 01.01.2016) is Rs 20 Lac. He invested on 28.2.2016 a sum of Rs 30 lac (Rs 20 Lac form plot + 10 Lac from self saving) for purchase of plot 2. And on 5.4.2016 he sold a long term asset on which capital gain Rs 52 Lacs. He utilized this proceed from construction of the house on the plot no 2 the actual cost came to Rs 41 lac. Hence he is eligible for deduction under 54 F of the act.
My query are as under : 1 For filling ITR of the AY 2016-17 the amount invested in plot should should be mentioned by me as Rs 30 Lac or 20 Lac, though the deduction would be eligible from me is Rs 20 Lac. as in next AY 2017-18 I would be claiming the deduction under 54 F for the excess amount of Rs 10 Lac which I had paid in AY 2016-17 leading my tax liability to Rs 1Lac ( 52 Lacs -(10 Lac AY 2016-17+ Rs 41 construction cost)
10 April 2016
AY 2016-17 File balance sheet data also in AY 2016-17. . If you show amount invested as 20 lacs then there may be a question regarding the balance 10.00 lacs. . Whereas, if you are filing Balance Sheet data also then the question of unexplained investment does not arise. . In AY 2017-18, you can utilise additional investment of Rs 10.00 Lac. .
11 April 2016
Sir As far as sources of Income is concern in our case is perfectly legal. hence there is no problem. What I need in clarification is that in ITR -2 for the AY 2016-17 should I mention cost of asset as Rs 30 lac, since I had to take benefit in next AY 2017-18 of Remaining Rs 10 Lac.
12 April 2016
So far the presentation in ITR is concerned, you have to show the amount of deduction/exemption i.e. Rs 20.00 Lac only. As such you are not supposed to show Rs 30 lac. Please refer Schedule CG for Capital Gains.
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