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Income tax return for the financial year 2019-20
Please clarify income from pension. 390378 Rent income. 48000 Interests on bank FD. 100674 I have sold house property in September 2019 for 55 lakhs which was constructed in 1986. IN this transaction capital gains is Rs 17 lakhs and paid tds one percent ie 55000/- for sake of exemption capital gains I have reinvsteted in new house construction that total estimated cost is Rs 70 lakhs .new house construction started during Jan 2020 and would be completed before February 2021. now how to file income tax return this year ie for 2019-20 and how to calculate tax.how to show capital gains Rs 17 lakhs in the tax return
Asked 5 years ago in Capital Gains Tax
Hi
You need to file ITR 2. The capital gains have to be reported in ITR as LTCG showing the sales consideration and indexed cost of acquisition and the exemption under section 54 has to be claimed.
We may assist you with the filings.
Show it as capital gain and claim exemption under 54 in income tax return.
You need to file ITR 2.
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Thank you
- Taxable income would be Rs.4,19,652. Assuming you are senior citizen, tax would be NIL subject to rebate u/s 87A. Refund would be Rs.55,000.Show sale of capital asset in schedule capital gain and claim exemption u/s 54.
Hi
File ITR 2, show capital gain and Exemption under section 54.
Hello,
You will have to file ITR-2.
The capital gain and exemption u/s. 54 would be declared capital gain head.
I hope this answer satisfies your requirements. It would be advisable to hire a practicing CA for proper income tax return preparation and filing.
Regards,
CA Hunny Badlani
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