Tax on sale of house

Four years old house sell in pune,
sell agreement done in march 2016 & payment 5 laks received in march 2016,
remaining amount received in june 2016 = 50 laks , TDS 55000 deducted in june 2016
my salary for fy 2015-16 = 380000
how to fill return.
Asked 5 months ago in Income Tax from THANE, Maharashtra
Dear Sir,

Your entire capital gain will be taxable in FY2015-16. 

Please note that last date of filing return is 31 July 2017.

We can help you in filing return. Please feel free to contact us.

Please feel free to revert in case of any doubts

Thanks and Regards
CA Abhishek Dugar
Caabhishekdugar@gmail.com
Abhishek Dugar
CA, Mumbai
766 Answers
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In the Financial year 2015-2016 there is no need to pay any tax for sale of property as only agreement was entered before Mar 2016. It is taxable only in FY 2016-2017.

For FY 2015-2016 you can file your return by declaring Salary Income only.
Shyam Sunder Modani
CA, Hyderabad
955 Answers
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Hello Sir,

As per the information provided by you, the Sale shall be considered to have taken place in the month of March 2016 as the Sale Deed was prepared in the FY 2015-16 and a confirmation amount of Rs.5 lacs was also received. If that is the case then you have to pay the respective taxes and file your returns by 31st July 2016.

You can also delay it to the next FY stating that the Possession was transferred in FY 2016-17 when the majority proceeds was received.

ITR - 2 has to filed if you show Capital Gain in FY 2015-16 or else you can file ITR -1. You can take up a call accordingly.

Please help us with the details in order to guide you in a proper manner. 

Trust this clarifies your query. 

Feel free to call back/ get back in case of further clarifications. 

Thanking You. 

Regards,
Rohit R Sharma
BCOM, ACA, LLB-GEN, CERT. FAFP. 
Rohit R Sharma
CA, Mumbai
719 Answers
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