Capital gains Calculation on Sale of Ancestral property

Q & A ForumCategory: Real EstateCapital gains Calculation on Sale of Ancestral property
vijaykumar asked 3 years ago
I have sold Flat in Nov 2020 for 48 Lakhs. I want to construct a house with in 3 year say before end of NOV 2023. Do I need to file ITR2 in 2021 just stating sale transaction and intention to construct. Then to  what about paying LTCG. how to mention I want to save tax by  proposed construction of a new house. Do I need to File ITR2 in 2022 and 2023 also show the status of construction .
1 Answers
Sreekanth Staff answered 3 years ago
Hi, You can mention the deductions claimed under Section 54 in ITR under Capital Gains section. Which ITR form? - You can check the ITR forms notification by CBDT for respective Assessment Years. Kindly take help of a CA in this regard. Related articles :
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