Treatment of Profit on sale of fixed Asset in computation

Roshni (Student CA Final ) (103 Points)

14 January 2020  
Mr.R has business income so the net profit on business income = Rs.52,517

Capital gains
Now Mr.R sold Residential house and profit on sale of fixed asset = Rs
37,48,000.
Now he invested in purchasing new Residential House which is eligible for exemption under section 54.
so Net capital gains = Nil.


so what will be the effect in Form ITR 3 ??
1) whether it will come under Part A P & L - Other Income - Profit on sale of fixed Asset???

2) Then Schedule BP Computation of income from business or profession
Income / Receipt credited to profit and loss account considered under other heads of income chargeable u/s 115BBF 115BBG -
Capital Gains.


What will be the final effect in Form ITR 3??