|I had sold 4 of vacant sites during the financial year and earned capital gains on each of them. Thereafter, I purchased a residential property for Rs. 1,50,00,000/- in the same financial year. My total long term capital gains was Rs. 36,72,000/-, on the sale of said sites. How to reflect in I. T. Return.
|From the query it is clear that land was long term capital asset and on sale of land (4 sites) long term capital gain of Rs. 36,72,000/- arose which was invested in residential house amounting to Rs. 1,50,00,000/-, hence no tax is payable.
In the return of income, you have to disclose under the head “capital gains”. You have to give working under “schedule CG” in schedules to the Return Form.
|CA. H. N. Motiwalla
|Capital gains- Investment in a residential house
Opinion Of Eminent Legal Luminaries On Controversial Issues
Capital gains- Investment in a residential house
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