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)

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)

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)

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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