ITR for Capital Gain on Sale of Property

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Overview

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Documents Required

Required in Soft Copy Only

Documents of Applicant

  • FORM-16 isued by Employer (if applicable)
  • FORM-16A (TDS Certificate) (if applicable)
  • PAN & Aadhar Card
  • Bank Statements
  • Email id and Mobile Number
  • Sale Deed or Agreement for Property Sold
  • Purchase Deed or Agreement for Property Purchased
  • Evidence of any investment made in specified bonds or assets to claim a capital gains exemption under Sec.54 & 54F.
  • Investment/Deduction Details (Applicable to Individual & HUF only) LIC Premium Receipts Health Insurance Premium PF,NPS Contribution Tax Saving ELSS Investments Children School Tution Fees Home Loan Interest Certificate, etc

Advantages

Enhancing Loan Eligibility

A strong ITR filing record is often considered by banks and financial institutions during loan assessment, improving your chances of approval for personal, home, or business loans

Claiming Tax Refunds

If the Tax Deducted at Source (TDS) from your salary exceeds your actual tax liability, you can recover the excess amount by filing your income tax return.

Avoiding Legal Consequences

Filing ITR is mandatory if your income crosses the basic exemption limit. Timely filing ensures you comply with tax regulations and helps avoid penalties or legal consequences

Building Financial Credibility

Regular ITR filing reflects financial discipline and responsibility. It builds your credibility and can be useful for visa applications, securing investments, and other financial dealings

Carry Forward of Losses

Filing ITR in case of Capital Loss allows you to carry forward losses and to be adjusted against capital gains in future years.

Your Takeouts

ITR-V Copy ( Acknowledgement )

Computation of Income

Annual Information Statement (AIS)

Tax Credit Statement (26AS)

Taxpayers Information Summary ( TIS )

Profit & Loss Account (If Applicable)

Balance Sheet (If Applicable)

Tax Audit Report (If Applicable)