Please guide how to show long term capital Gain entry in ITR .
I have sale Land plot in Rs 880000 in F.y. 2023-24 and Purchase the Land plot for Rs 12000 F.y 2000-2001 and construction cost Rs 150000 in F.y. 2023-24.
So in ITR how to show construction cost.
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Capital Gain in ITR
Replies (4)
Quick Summary
It will come under cost of improvement.
In the cost of improvement
The cost of improvement is seperate.
Reporting LTCG on sale of a plot in ITR-2:
• Schedule CG → Long-term capital gains → "From sale of land or building": enter sale consideration (or SDV if higher, per 50C), cost of acquisition (with indexation if eligible), cost of improvement, transfer expenses. The buyer's details (name, PAN, address) and property address are mandatory.
• For a Rs 8.8 lakh sale, if the buyer deducted TDS (only if consideration is Rs 50 lakh or more), claim it.
• Choose the tax option (for sales after 23 July 2024, residents: the lower of 12.5% and 20% with indexation; the utility computes).
• Exemptions in the "Deductions" section of Schedule CG (54, 54F, 54EC).
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