In October 2023, I sold an property and received 85 Lacs from the sale but the notarized agreement for sale was created for 60lacs along with Power of Attorney and consent affidavit and complete posession was handed over to the buyer. There were 2 owners to the property including me so my share was of 30Lacs.
In December 2023 I purchased an property of 64 lakhs and registered the sale deed immediately and filed ITR-2 claiming LTCG benefits on the 30Lacs received from October 2023 sale.
Now in August 2025 this property was registered at 85Lacs and AIS is now showing 85Lacs in FY 2025-26. Also Index-2 says market value for the sold property as of August 2025 is 1.24Cr.
I have 3 queries
- As posession was handed over completely in October 2023 post receiving all payments from buyer. This clause is mentioned in notarized agreement as well as registered agreement. Can i go back and rectify FY23-24 ITR-2 and correct the value of 30Lacs entered at that time?
- What should be the correct value for claiming LTCG 30Lacs OR 85/2=42.5Lacs OR 1.24Cr/2=62Lacs.
- For the currenty FY 2025-26 AIS showin 85 lacs value, how shall i reply to it
CAclubindia
