Entries in form itr-2 to show sale of flat

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Snehashish Ghosh (Querist)
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05 May 2018 Hi,
I sold my 18-year old Flat in FY 2017-18 (Oct 2017) for 21.65 Lakhs. Assume that I have correctly ascertained the Cost of acquisition of the flat with Indexation as 14.96 Lakhs. So my Long-term Capital Gain works out to 21.65 – 14.96 = 6.69 Lakhs.
I have also purchased a new residential flat for 11 Lakhs paid fully and registered within Mar 2018 i.e. FY 2017-18. I will claim it as Deduction under section 54.
Apart from the above I only have taxable Income from Other Sources for FY 2017-18.

I will be using Form ITR-2 to file my tax return for the year. I will be filling Schedule CG (Capital Gains) in ITR-2. In Schedule CG I will be filling the Long-term capital gain (LTCG) section i.e. section B.

I WANT TO KNOW IF THE FOLLOWING ENTRIES IN THIS SECTION ARE CORRECT OR NOT:

1. From sale of land or building or both
a iii. Full value of consideration adopted as per section 50C : 21,65,000/- Rs.
b Deductions under section 48
i. Cost of acquisition with indexation : 14,96,000/- Rs.
c Balance : 6,69,000/- Rs.
di Deduction under section 54 : 11,00,000/- Rs.

Regards,
Snehashish

Anmol Davesar

Anmol Davesar (Expert)
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05 May 2018 1. From sale of land or building or both a
iii. Full value of consideration adopted as per section 50C : 21,65,000/- Rs.
b Deductions under section 48 i.
Cost of acquisition with indexation : 14,96,000/- Rs.
c Balance : 6,69,000/- Rs.
di Deduction under section 54 : 6,69,000/- Rs.
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