Hi
You need to file ITR 1 only. For the ITR of FY 2017-18, you would have already claimed the capital gain exemption under section 54 or 54F, as applicable.
Long term capital gain
I have paid I T on certain portion of LTCG for the year 2017-18. The remaining LTCG was deposited in the Capital gains account. This entire deposit has been utilized for construction of new residence. Now am I supposed to file ITR 2 or ITR 1 ?. I am having Income from Other sources to the extent of Rs. 3,50,000/- for the FY 2019-20. Any other obligation towards the above said LTCG?. Please clarify in detail.
Asked 3 years ago in Income Tax
Am I supposed to submit details of expenditure incurred for new construction? If so, how and to whom?
Asked 3 years ago
You don't need to report any information in this FY's ITR nor anywhere else regarding the expenditure incurred. Such expenditure details would only be required if your case is picked up for scrutiny and the AO calls for the documents.
Thanks. Am I supposed to submit details of expenditure incurred for new construction? If so, how and to whom?
Asked 3 years ago
Hello,
Assuming you have Other Sources Income, ITR-1 would be filed. No need to declare anything under Capital Gain head regarding utilization of the capital gain deposit amount. Exemption must have already been claimed for the deposit amount in the return for F.Y. 2017-18.
I hope this answer satisfies your requirements.
Regards,
CA Hunny Badlani
No need to submit details of utilization of the capital gain deposit amount.
No, nothing needs to be submitted anywhere as of now. It will only be required if it is called for by the AO, which is a rare case.
Hi
In case if you have only income from other sources you need to file ITR 1 only.
No you don't have any further other obligation towards the above said LTCG.
Hi
No in ITR you don't need to submit any information regarding expenditure incurred for new construction
Hi
In case of security you need to show documents supporting w.r.t.to expenses to A.O. you don't need to show amount of expenditure in ITR.
Dear Sir,
Hope you are doing well !!
You need to file ITR 1 only just to show Income from Other sources.
No other obligation towards the above said LTCG.
No, you don't need to submit anything.
You just need to keep everything in records to avoid future litigations.
Dear Sir,
Taxability on Capital Gain rises in the case of Property. Since there is no transfer of Property in the Current Financial Year, so there is nothing to be shown in Capital Gain. As you have only income under the head Income From other sources so you need to file ITR-1 for the same.
Thanks and Regards
Shiv Kumar Agarwal
No obligation against capital gain if you have used entire amount.
You can file ITR 1 for such income.
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Thank you.
No details required to be submitted until asked for same by assessing officer via some notice etc.
No, the details of expenditure incurred for new construction is not required to be submitted.
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