Capital Gain Exemption without filing Income Tax Return

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  1. amit_kothari

    amit_kothari New Member

    Hi,

    I have sold out my flat in Dec-2013 and bought the new under construction property in June-2014.
    I have neither filled the return nor opened up the Capital Gain account.
    Can I still get an exemption from capital gain and how can I now file the income tax return.

    Thanks
     
  2. Anand Jain

    Anand Jain Member

    Yes, you can claim the exemption without filing income tax return

    However as you have sold a property and purchased another property, I'm assuming that these would be high value transactions. It is always better to report such high value transactions in the Income Tax Return to avoid scrutiny notice.

    It is not necessary for you to file income tax returns in this case but it is advisable to file income tax returns in such cases wherein the person has enterred into high value transactions during the year.
     
  3. amit_kothari

    amit_kothari New Member

    Thanks Anand. I understand.
    Can I now filled the revised or late filled the return.
     
  4. amit_kothari

    amit_kothari New Member

    Also if I have taken the House Loan against the new property and only invested the half of the amount self funded from sold out property. What amount will get exempted? The full amount or only the half amount.
    So old property sold in 10 Lakhs.
    New investment from self funded - 5 Lakhs
    House loan - 10 Lakahs
    Total cost of new property - 15 Lakhs.

    Please suggest
     
  5. Anand Jain

    Anand Jain Member

    The total purchase price of the property will get exempted irrespective of whether you have paid from your own pocket or taken a loan
     
  6. Anand Jain

    Anand Jain Member

  7. amit_kothari

    amit_kothari New Member

    Thanks a ton!!
     
  8. king999maker

    king999maker Active Member

    mr amit kothari my answer will be more clear if u say what is capital gain on sale of ur flat, and what is period of holding the flat, and purchase price of new flat
     
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