Capital gain on property and how to show in itr
Pranjal Chaudhary
(Querist) 12 July 2018
This query is : Resolved
Hello All,
I want to know a person have a interest income and in same year he/she purchase property(Land) cost 7 lac and sold house(Parental Property purchased year 1948) cost 12 lac FY-18-19.
Note: He/ She received money 12 lac in march"18 of sale consideration and purchase land on 23 March"18 but sale registry made in 10th May"18(FY-18-19)
In sale property there is two partner gave him 3.66 Lac.
1200000-366000= 834000 purchase land cost 700000-834000= 134000
How to calculate capital gain tax and where to show in ITR.
Thanks in advance
Regards,
Pranjal Chaudhary
Dr J C Vashista
(Expert) 14 July 2018
Consult your/ a local chartered accountant, there is no legal dispute involved in the story.
