Capital gain account issue

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (175687 Points)
Replied 21 July 2019

No need of any permission from ITD, but withdrawal form is to be filled for banks record.

No other legal formalities, except TDS deduction for new purchased property from both of you.

Vijay Kumar (Retired Central Govt service) (24 Points)
Replied 21 July 2019

Many Thanks for quick reply.

Since sale of property by separate sale deeds to different persons on same day for 39L and 25 lakhs. and NO TDS cut is done by any of purchaser. Will this cause any issue since combined sale value is 64 Lakhs which is kept fully in Capital gain account schme without considering any reduction based on cost of indexation.

Thanks in advance

VIJAYAKUMAR GS

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (175687 Points)
Replied 21 July 2019

Being sale of plot, exemption can be claimed u/s. 54F.

So, to get 100% exemption, you should invest total sale proceeds (without indexation of COA) or more. Indexation is helpful to arrive at LTCG and its tax liability.

TDS liability doesn't arise over any of the buyers.

1 Like

Vijay Kumar (Retired Central Govt service) (24 Points)
Replied 21 July 2019

Thank you very much sir,

Vijay Kumar (Retired Central Govt service) (24 Points)
Replied 21 July 2019

I am retired central govt employee. Retired in Jun2017. Now I am working as Technical consultant at the same office. During FY 2018-19 I got Rs 9 Lakh pension u/s 192, Rs 10 lakh u/s 194A for interest on FD in bank, Rs 4 Lakh Honorarium for Technical consultancy u/s 194J. . TDS 0f 10 % is cut on Technical consutancy and Bank FD.

My friend suggested to file ITR4 - 44ADA to claim 50% reduction on honorarium How do I file return for 194J to get any exemption on Technical consultancy income.

Is this valid

with request for suggestion

vijayakumar

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (175687 Points)
Replied 22 July 2019

Yes, it is legally correct. You can file ITR4 with consultancy income u/s. 44ADA, and can get max. 50% deduction as expenditure of the business.

Vijay Kumar (Retired Central Govt service) (24 Points)
Replied 11 January 2020

My wife sold vacant land in two parts to different purchasers by two separate sale deeds on same day 02May 2019 for 39 Lakh and 25Lakhs. No TDS of 1% was cut in either case. The property was originaly allotted by Society for 1.7 Lakhs in April 2001. We have opened capital gain account and deposited 64 lakhs 20 July 2019. We have purchased a one residential unit ( which is one unit out of four unit building) for 1.48 crores utilising 64 Lakhs full sale consideration from wife captial gain and remaining from my retirement benefits and savings. Capital gain amount deposited in IDBI bank was withdrawn along with interest 64,91,000 by DD and paid to the builder.

Now I need to file ITR-2 by June 2020 to claim exemption on capital gain of my wife land sale.

Can I do my self and need to get help of CA.

Request your help

Vijayakumar GS

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