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Capital Gain

CA Navin Jain (MANAGER (FINANCE & ACCOUNTS)) (11768 Points)

24 July 2010

Dear All

One of my client has filed the return dated 10.07.2010 but he not show the income from capital gain arise from sold to house property. he also purchased new house property dated 20.7.2010. can assesse furnished the revised return and take the benefit of Sec. 54 of Incomr tax Act.

Return Furnished date 10.7.2010

purchase of new House 20.7.2010

Due DATE oF return 31.07.2010

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9 Replies

Vivek Kurup (.) (355 Points)
Replied 24 July 2010

Yes. The assessee can furnish a revised return to include the CG in his total income and take the benefit of Sec.54.

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Manoj BG (Tax Professional and in Service) (1795 Points)
Replied 24 July 2010

Yes, u can file revised return and can correct the mistake till 31.03.2012 or till competion of assessment whichever occurs first. So don't be late in filing u'r revised return..

Sanjay Singh Rana (CA) (208 Points)
Replied 24 July 2010

Yes he can do so but make sure Capital Gain must be long term for the applicability of sec 54 :)

manisha ahuja (article clerk) (147 Points)
Replied 24 July 2010

inflation index?

i guess 712

OldSchool (None) (50 Points)
Replied 25 July 2010

How do we use Inflation Index for calculating STCG and LTCG, can someone enlighten?

Simply subtracting the amount we get from sale of shares from the expense to buy those stocks is not the correct way?

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Darpan aggarwal (Article assitiant) (141 Points)
Replied 25 July 2010

DEAR NAVEEN JI
YOU DONT TELL THE DATE OF SELLING OF HOUSE PROPERTY, IF IT IS SELL BEFORE 31ST MARCH ,THEN, YOU SHOULD REVISE YOUR RETURN. OTHERWISE, IF IT IS AFTER 31ST MARCH THEN WAIT FOR THE NEXT OF RETURN FILING DATE UP TO 31ST JULY,2011.
PLEASE TOLD ME THROUGH MESSAGE IS IT BEFORE 31 ST MARCH OR AFTER 31ST MARCH.

THANKS AND REGARDS
DARPAN AGGARWAL

Sanjay Singh Rana (CA) (208 Points)
Replied 25 July 2010

Originally posted by : OldSchool
	How do we use Inflation Index for calculating STCG and LTCG, can someone enlighten? Simply subtracting the amount we get from sale of shares from the expense to buy those stocks is not the correct way?