I sold my house in Sept- 16, I need to buy new house in upcoming months so whatever amount I received after sold old house will be invested in New purchase house
my question is, shall I show this old house transaction in this year tax return filing
or after investing the amount can show
I believe that house property sold by you is a long term capital asset and also whole of the consideration was being received by you in 2016-17 only so you need to show the income from capital gains in current A.y 2017-18 only and not in the next A.Y.2018-19.
If you were unable to invest the entire Capital Gains on or before the due date of filing your return then the unutilized gains needs to be deposited in the capital gains account deposit scheme before the due date of your filing of return
CAclubindia
