Problem : "A" is a Salaried person and get a property by way of legal inheritance . On that time the value of the property is just fewer. Now A sold the property in this financial year (May,20-June1 2018) and get Rs. 7,00,000 on those property.
Q. 1 - If he deposited the same amount (Rs. 7,00,000) in his Savings bank account then any types of letter may sent to him by IT department of by Bank Authority ?
Q.2 - How to file ITR against this Transaction and in which form ?
please Share your opinion.
As the owner of the property got it through inheritance the cost to the previous owner and the period of holding by the prevoius owner shall be taken in to account.
Accordingly, the peroid of holding by previous owner and the current owner is more than 24 months (Land, Buidling or both) then the same shall be treated as a Long Term Capital Asset and accodingly indexation benefit as on the date of purchase by the previous owner shall be taken as the base.
The cost of purchasr by prevoius owner & cost of improvement by previous owner and current owner shall be (indexed if appropriate) and reduced from the Sale consideration and capital gain shall be computed. The capital gain so computed shall be charged to tax at the flat rate of 20% if the Gain is of Long term Capital Gain.
The letter/ communication may be sent by the ITD incase of Bank balance, or sale transaction (as PAN/ Adhaar would have been involved in this case)
For furnishing the Capital Gains & income from Salary ITR 2 shall be filed.
I hope this clarifies.
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