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Necessity of showing ltcg exempted in sec 54f in itr

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(Querist)
12 July 2012 Is it necessary to show the LTCG which is exempted fully under sec 54F (due to purchase of new house in same financial year)in ITR 2. If YES, then do we have to leave the Part D of schedule CG of ITR 2 blank. Can the form ITR 2 which is downloaded from website of income tax department(black & white) be used.
Regards
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Suresh Mittal

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Suresh Mittal (Expert)
12 July 2012 Yes, it is necessary to show the LTCG in Part B of schedule CG. In part D, only the taxable portion is to be mentioned.
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
12 July 2012 Even though the capital gain is exempt, you should show it in the return to avoid any problems with the department in future.



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sandeep

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sandeep (Querist)
12 July 2012 Does this mean that in case the LTCG is fully exempted due to investment in new property under sec 54F, then part D is to be left blank?

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