• Query on capital gains - kindly help

1. We have sold our old house and I have received a share of the deal. Accordingly, I have been reported for SFT in this year's (i.e. AY 2020-21) Form 24AS. 
2. Since FY 2018, I had been paying (in installments) towards purchasing a new Flat whose registration will be completed in February 2021. All the TDS that I have paid so far are being shown in the Form 24AS.

Under the above circumstances, should I:
1. Mention the full amount that I received through Sale of the old house and the part payments that I have made till date for the Purchase of the new Flat in ITR of this year (i.e. AY 2020-21) and again in parts in the ITR of the next year?
2. Mention the full amounts of BOTH the Sale (of the old house) and Purchase (of the new Flat) under Capital Gains of ITR 2021-22?

P.S. Just as I have been reported for SFT for selling the old house in Form 24AS of AY 2020-21, I will be reported AGAIN for SFT for purchasing the new Flat in the same Form for AY 2021-22 too! Kindly advise me while keeping this fact in mind.

Thanks in advance!
Asked 4 months ago in Capital Gains Tax

- Sale of old house will be shown in ITR of AY 2020-21only and not in next year ITR. Against capital gain you can claim the exemption only if you have purchased the property. Purchase is completed on physical possesion or registry of the property.


For detailed discussion please contact.

Vivek Kumar Arora
CA, Delhi
4079 Answers
346 Consultations

5.0 on 5.0

Dear Sir,


Hope you are doing well !!


1.The sales will be shown in AY 20-21 only.

There is no need to show the same in next year.


2. You can get the capital gain exemption either by reinvesting the capital gain amount in new residential property or 54ec bonds.


It is advisable to take a phone consultation for detailed discussion.


We may assist you in entire procedure.

Payal Chhajed
CA, Mumbai
5084 Answers
157 Consultations

5.0 on 5.0



The date of sale/ purchase of each property would determine when should you show the purchase and sale transaction in ITR. Purchase transaction is required to be shown only when you are claiming any exemption u/s 54 or 54F. You need to show only your part of share in the sales consideration. The sale date is generally considered to be registration date/ date of sale agreement/ date of possession depending upon the other facts. Purchase date in case of new flats is generally considered to the date of allotment letter.


I would also recommend you discuss this over a call to avoid any communication gap as these things could have major impact in future.   


Lakshita Bhandari
CA, Mumbai
5475 Answers
551 Consultations

5.0 on 5.0



Sale transaction would be declared under the capital gains head for the A.Y. 2020-21.

Purchase transaction would be declared in case you claim an eligible exemption for the investment in new house property within due dates for exemption.

For a detailed resolution of your query, you can contact us directly or take a phone consultation.



CA Hunny Badlani

Hunny Badlani
CA, Madhya Pradesh
2555 Answers
9 Consultations

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1. It will be shown in year of sale i.e.2020-21.


2. You can get exemption under section 54 or 54EC.


We may assist you in planning please have a phone consultation for details discussion.

Karishma Chhajer
CA, Jodhpur
2391 Answers
22 Consultations

5.0 on 5.0

Dear Sir

1. Sale should be reported in the year 2019-20 as sales concluded in that year. However, you can claim exemption towards the purchase of the new house from the amount received as sale proceeds.


2. Purchase of flat is not required to be reported in Capital gains.


Further, please see that getting reported under SFT is not any crime. You have done some transactions and that is it. The main thing is you report them correctly in your ITR to avoid any adversary in the future.


Further, it's better to avail the services of a professional who can guide you over the holistic picture.


Trust this clarifies. In case of any concern kindly feel free to ask follow-up questions.





Brijendra Tripathi
CA, Lucknow
143 Answers
3 Consultations

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