Sale of House Property

Hi, I had sold my apartment in year 2018 September. Do I need to show that sale on property? as it going to be three year now. I am pending to file ITR for FY 2020-2021 which I believe have time till December.

Hey @Tabish_Ansari ,

You had to show the sales of the apartment in FY 2018-19 ITR. If you are selling a property during the period 01-04-2020 to 31-03-2021 then only you are required to show that sale on property in the current ITR. The due date for filing ITR for FY2020-21 is 31st December for non tax audit filers.

Hope it helps.

Team - Can you help guide which plan should i opt if i need to file ITR for next year for my mother who is a pensioner and sold a house / flat in FY 2021-22?

Also after selling the house, is it ok to park the funds received from buyer in my mother’s savings account (before filing ITR in 2022) and investing in Capital Gains Savings Scheme or Capital Gain Investment Bonds before 31 March 2022?

Please help.

Hi @aniruddha_41, since you have capital gains from sale of property, you should file ITR-2.
You can invest the money you have deposited within the period specified by the bank, if you fail to do so, your deposit shall be treated as capital gains.

Here’s are a few articles that might be useful.

Thanks @Yash_Kaviya. Do you have a tool to calculate capital gains tax from the sale of property? Above investments make sense if I am incurring capital gains. It could even be that I am incurring capital loss. Just need to assess if I even need to sign up for capital gain bonds or cgas. Please let me know. Thanks.

Always happy to help @aniruddha_41, you can log on to Quicko and easily add all your details in the House Property tab to calculate your gains/losses with indexation after which you can decide whether to sign up and invest in Capital Gain bonds or CGAS.
If you require any assistance, please let me know, would love to help.

Hi @Yash_Kaviya - after logging in, i am unable to find out “house property” tab? Can we please connect privately over email:
I need guidance on how to calculate the capital gains tax from sale of property in your portal. Very much appreciated your help and guidance.

Hey @aniruddha_41, once you login, you need to click on “Filing”, then click on prepare your return, once you click that, under the “Income” tab you’ll see “Capital Gains” and you can fill the relevant details under “Did you sell immovable property?”.
Let me know if you face any further issues. I’ll help you to resolve the issue.

Got it. Thanks @Yash_Kaviya

@aniruddha_41, happy to help. :blush: