15 July 2019
I sold a property in September 2018 which was jointly held between me and my brother. Both of our share was 50% each. Just wanted to understand if all the details (sale price, cost of acquisition with indexation, cost of improvement with indexation, etc) to be filled in ITR 2 should be divided by 2. For eg: Sale price of property =24,00,000 Total Cost of acquisition with indexation: 17,00,000 Total capital gain: 7,00,000
In this deal my capital gain is only 3,50,000. However if I enter full value in LTCG section of ITR2, then my capital gain becomes double.
Should I only show my share of the deal as below: sale price of property =12,00,000 Total Cost of acquisition with indexation: 8,50,000 Total capital gain: 3,50,000
16 July 2019
One more simple query regarding ITR 2... Does schdule hp (house property) apply to me even if I am having no income from any house(s) owned by me? I mean do I need to declare my house details that I own even if I am making no income from it in Schedule HP of ITR 2?
16 July 2019
Yes you have to declare all the house properties. Two properties can be declared as self occupied. For other properties you need to declare rental income. If not let out deemed let out provisions applicable.