Tax on capital gain is payable as per date of transfer

• July 24, 2023
• CA Chandan Agarwal's Office

The tax on capital gain is payable on transfer

I sold some shares on March 31, 2023 and got the proceeds in my bank account in April 2023. The TIS does not show these transactions but the capital gain/loss from the brokers indicates these transactions for FY 22-23 and the statement from brokers indicates nil transactions for FY 23-24. Should I mention these transactions in FY 22-23 or FY 23-24?

The tax on capital gain is payable on transfer. Since you have sold the shares on March 31, 2023, i.e., FY 22-23 resulting in capital gain/ (loss), you shall report these transaction in ITR Form of AY 23-24, i.e., FY 22-23.

My mother sold a property in FY2022-23 for Rs 27 lakh and purchased a flat for Rs 60 lakh with a home loan and some savings. How should she file the ITR?

Capital gain shall be calculated on the property sold i.e. sale consideration as reduced by cost / indexed cost of acquisition. Such capital gain may be exempt under Section 54 if another house is bought. She will have to file ITR 2 if she has no business income or ITR 3 if she has business income on the e-portal of income-tax department.

While filing ITR should we consider AIS or Form 26AS?

Form 26AS covers only those incomes on which tax is deducted but Annual Information Statement (AIS) provides comprehensive information about various sources of income and the taxes deducted and deposited thereon. Additionally, these statements are updated from time to time. While filling the ITR, one should independently verify the correctness of the amount with their personal data and then proceed ahead.

I have one savings account in the post office jointly with my spouse and all savings interest credited to the account. While filing ITR how will the income be distributed?

Interest earned on joint accounts are taxable in the hands of both primary and secondary account holders equally. Interest income on FD shall be taxed on accrual basis.

Source: https://www.financialexpress.com/money/income-tax/your-queries-income-tax-tax-on-capital-gain-is-payable-as-per-date-of-transfer/3182163/