I have three related questions to filing of ITR2
A gift deed / sale deed for purchase/sale of immovable property is considered complete on the date of registration or the subsequent date of registration when short fall of stamp duty is paid. If the Ist one is in March 2019 and subsequently the final stamping is done in May 2019 then which financial year does the transaction figure.
2. While filing ITR 2 date of acquisition(immovable property) is not mentioned in the returns. So while showing indexation of capital gains does the IT department trust the person filing the return when he chooses the index factor. Has our IT department lenient in online filing.
3. ITR2 in java utility does not allow to show negative figures(loss) in capital gains of shares where as excel utility allows. it. Further the schedules deleted comes up again while opening the draft xml in java utility.
1- Generally, stamp duty should be paid on or before the date of executing a document. … It should be certified by the jurisdictional sub-registrar.
As per the law;
Non-payment of stamp duty does not make the document void or invalid. The agreement remains binding. The validity of the agreement does not come to an end. In case of a document which is required to be stamped under the Stamp Act but has been under-stamped or not stamped, the document becomes inadmissible as evidence before any authority. Also the document can be impounded for enforcing payment of full stamp value as due as per the Act.
In case any document which requires stamp duty is under-stamped, it can be rectified later. In order to rectify the defect, the person has to pay a penalty, which may be up to 10 times of the original amount.
Any under-stamped document or instrument can be admitted as evidence in a court of law if the penalty of 10 times the value of the original amount has been paid.
So, I believe that your document is valid with a date of registration in Mar 2019.
2 – Kindly note that the IT dept may have the requisite details regarding Property registrations. The law also requires you to quote the PAN of the buyer and seller, for any transaction in immovable property, where the value exceeds Rs 5 lakhs. So, advisable to get the calculations done as per the available facts only.
3 – Kindly consult a CA.
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