Capital Gain in ITR - 2

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This discussion addresses how to report property sales and home loan interest on ITR-2, even when no capital gains tax is due due to reinvestment. It clarifies that interest on a house building loan can be claimed, and explains how losses from house property are handled, including carry-forward rules when other income sources are present.

ABHISHEK ROY CHOUDHURY

ABHISHEK ROY CHOUDHURY (Querist)
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25 July 2023 Dear Sir,
An Assesse has Interest on House Building Loan of Rs. 2,00,000.00 and he also sold one house property and purchase another house property so no capital gain tax is imposed. But we need to show the sale and purchase details in ITR - 2. The problem arises is that Interest on House Building Loan of Rs. 2,00,000.00 is being carried forward for next year. So how can he calim Intsrest on HBL in this year.

Please suggest.

Thanks,
Abhishek.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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25 July 2023 If there no other income of the assessee except the capital gain, then the loss from HP will get carried forward. No option.

ABHISHEK ROY CHOUDHURY

ABHISHEK ROY CHOUDHURY (Querist)
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25 July 2023 Dear Sir,
The Assessee has income from Salary and Intt on Fixed Deposit. So why the loss on House Property has being carried forward.

Please suggest.

Thanks,
Abhisehk

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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25 July 2023 If he has income from other heads (not declared earlier), in that case maximum loss of Rs. 2 lakhs u/h IFHP will be adjusted against other heads, while remaining will get carried forward.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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13 September 2024 Good luck.

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