Long term capital gain in itr2


(Querist)
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

Please advice


CA R SEETHARAMAN (Expert)


Click to Talk 15 July 2019
Show only your share of the deal.

Parth Shah (Querist)
15 July 2019
Thank you for your time and response ! Thank you for your time and response ! Thank you for your time and response !

CA R SEETHARAMAN (Expert)


Click to Talk 15 July 2019
Welcome...................

Parth Shah (Querist)
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?

swasti (Expert)
16 July 2019
No need. It has to be shown only if there is some (i) income or (ii) loss on account of paying interest on house loan, on self occupied house property.

CA R SEETHARAMAN (Expert)


Click to Talk 16 July 2019
You have to declare all house properties whether it's let out or self occupied.

Parth Shah (Querist)
16 July 2019
Thank you Swasti and Seetharaman.
Seetharaman Sir, Do I have to declare all the properties even if there is no income from any house property ? Please let me know. Thanks

CA R SEETHARAMAN (Expert)


Click to Talk 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.


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