Compliance portal: Tax liability from Sale of Immovable property

Capital Gains Tax: Understand the distinction between long-term and short-term capital gains tax when selling property. Verification Concerns: Address ITD verification issues promptly, including non-filing of ITRs, discrepancies, and abnormal transactions.

Online Response: Respond to verification concerns conveniently through the compliance portal. Property Transaction Declaration Guide: Breakdown of essential declarations required from taxpayers during property transactions.

Total Receipts (A1): Declare gross receipts or payments related to property transfer. Stamp Duty Value (A2): Disclose stamp duty paid or payable, crucial for income computation if exceeding sale amount. Value for Capital Gains (A3): Report value considered for capital gains computation, noting any discrepancies.

Amount Related to Another PAN or Year (A4): Specify income or receipts related to another PAN or year. Exemptions and Deductions (A6): Declare allowances exempt from taxation, such as agricultural land or capital gains deductions. Self-Computation of Income (A7): Calculate income chargeable to tax and ensure ITR filing if exceeding threshold.