|QUERY:||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.|
|ANSWER:||Click here to read the full answer of the expert|
|EXPERT:||CA. H. N. Motiwalla|
|CATCH WORDS:||Capital gains- Investment in a residential house|
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.