TaxTMI 
TaxTMI 
Hello,
I had sold my land for X lakhs(on a land that was purchased 10+ year earlier) and received the money through cheque and DD from the purchaser and the same I had transferred to my Loan account on a Flat that I had purchased. Can you guide me - if I need to declare the money received during filing and under what category . Is there any online tutorial for the same on how to declare or get guidance on this please ?
Long Term Capital Gain and filing
18 Apr 2020 
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Long Term Capital Gain reporting required for sale of long held land; proceeds disclosure and exemption claims must follow tax rules.
Sale of land held over ten years constitutes Long Term Capital Gain and must be disclosed in the income tax return under capital gains; proceeds received by cheque or demand draft are treated as consideration, and subsequent application of those proceeds to repay or fund purchase of a flat does not alter the obligation to compute and report long term capital gain though applicable exemptions or reinvestment provisions may be available and require documentary support. (AI Summary)
Sale of land held over ten years constitutes Long Term Capital Gain and must be disclosed in the income tax return under capital gains; proceeds received by cheque or demand draft are treated as consideration, and subsequent application of those proceeds to repay or fund purchase of a flat does not alter the obligation to compute and report long term capital gain though applicable exemptions or reinvestment provisions may be available and require documentary support. (AI Summary)