This discussion clarifies which Income Tax Return (ITR) form is needed when selling Sridhan gold received from a father and reinvesting the proceeds into a new house. The advice given is to use ITR-2 and report the details in Schedule CG under 'Sale of assets other than all the above listed items' for long-term capital gains. Crucially, it confirms eligibility for capital gains exemption under Section 54F, even if the individual owned one house at the time of selling the gold and purchased a second house within the specified period.
25 July 2023
A woman has sold her Sridhan gold which was received in marriage from her father. The long-term capital gain tax amount she is invested in the purchase of new house. I would like to know which ITR form is required to file the return.
28 July 2023
Sir, please help for the following 1) At the time of selling gold she had one house and after sold the gold she purchase another new house. Does she eligible to take the capital gain exemption of u/s. 54F.
28 July 2023
Yes, even if she had one house at the time of selling the stridhan, and from the sell proceed if she purchased second house within specified time period; she can get exemption u/s. 54F IT act.
28 July 2023
In occasion of marriage she received gold from her father in year 2013 and sold in year 2022 of Rs.498880/- but she doesn't have gold purchase bill. How to calculate cost of acquisition value.