Long term CG tax on property sale
This query is : Resolved
04 April 2024
I have bought a property worth 1.7 Cr in joint name with my wife in August 23 (FY 2023-24).
I intend to sell an old property in 2-3 months (FY 2024-25), which was bought in 2010 for Rs. 40 lakh in the joint name of myself and wife.
Pl. help me with following queries.
(i) Whether I need to show new flat purchase in AY 2024-25 ITR? I am claiming rebate on loan interest. And also my total taxable income is less that Rs. 50L. I am filling ITR-2.
(ii) Do I need to show anything in CG schedule of ITR this year? If yes, how?
(iii) Next financial year, after sale of old flat, how to adjust the CG against purchase of flat this FY i.e. 2023-24.
Thanks in advance.
I intend to sell an old property in 2-3 months (FY 2024-25), which was bought in 2010 for Rs. 40 lakh in the joint name of myself and wife.
Pl. help me with following queries.
(i) Whether I need to show new flat purchase in AY 2024-25 ITR? I am claiming rebate on loan interest. And also my total taxable income is less that Rs. 50L. I am filling ITR-2.
(ii) Do I need to show anything in CG schedule of ITR this year? If yes, how?
(iii) Next financial year, after sale of old flat, how to adjust the CG against purchase of flat this FY i.e. 2023-24.
Thanks in advance.
05 April 2024
i) yes show it under income from house property.
ii) and Iii)yes, show capital gains and adjust against purchase last financial year.
Capital gains exemption can be claimed under section 54 for the purchase before one year of sale.
ii) and Iii)yes, show capital gains and adjust against purchase last financial year.
Capital gains exemption can be claimed under section 54 for the purchase before one year of sale.
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05 April 2024
Thanks for the prompt reply. However, I am still not clear about query under (ii) above. When my old property is still unsold, how can I show anything under CG schedule in this year (AY 2024-25) ITR? I am worried that next year after claiming CG benefit, there should not be any problem for non disclosure of propery this year.
I hope I am able make myself clear.
I hope I am able make myself clear.
05 April 2024
No need to disclose anything in this Assessment year show it in the year of sale.
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05 April 2024
You are welcome...
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