Sale & purchase of property

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This discussion clarifies how to report a property sale and subsequent purchase in an Income Tax Return (ITR). It addresses showing a Long Term Capital Loss (LTCL) of ₹3,00,000 and claiming a TDS refund of ₹1,60,000 from the sale. The query also seeks guidance on reporting a jointly purchased property and whether the wife's income impacts the filing process. A point of clarification is raised regarding the sale date potentially being October 2022 instead of October 2023.

ramamani

ramamani (Querist)
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13 June 2024 My husband (single) sold a property in Oct 2023 for 1,60,00,000 and TDS deducted 160000 with a LTCLoss of -300000
With this money We (husband & wife) jointly bought a property for 15200000 TDS paid.
It is shown both in our 26AS & AIS.
Husband Rs. 7649000 and TDS of 76496
Wife Rs. 7649000 and TDS of 76496
How to show it in my husband's ITR 2 if we want to ask for refund of 160000
Do I need to show the purchase as my income is only 3 lakh a year.

please clarify

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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13 June 2024 Show LTC loss of 3 lacs in husband ITR and claim refund of TDS of 1,60,000.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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13 June 2024 Is it typo error??? ..... Whether the sell of the property took place in Oct 2022 or Oct 2023?
If Oct 2022; you need to file return for AY 2023-24, under sec. 119(2)(b), provided not filed earlier.

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