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Filing of itr2 for AY 2021/22

Mahesh Shah (584 Points)

19 July 2021  
1) agreement for sale of inherited property purchased before 2001 is of rs 4400000/-
2) municipal value is rs 3800000/-
3) share of 4 sellers is 25 percent each i.e each seller recived 1100000/-
4) there is only one buyer who pays 1100000/- to each seller
5) year of sale is 31/3/2021

please guide what amounts have to be filled in itr2 for ( in sellers & as well as buyers column in capital of gains in itr2) by each individual seller )

 12 Replies

Sourav (Student) (23844 Points)
Replied 19 July 2021

Sale value should be apportioned to 4 sellers as per 25% each of 4400000 rupees
municipal value also be deducted as per 25% each for 4 sellers

Buyer should be allocated 4400000 rupees in whole as there is only one buyer

Mahesh Shah (584 Points)
Replied 19 July 2021

As for sellers part 25 percent allocation is correct.    

I think for buyers side each seller has to file his share amount of 1100000/- in value column and 100/- percent share in percentage of share sold......by each seller in itr2

I want clarification on how each seller will fill itr2 in buyers information of percentage share column and value column

 

 

 

 

Mahesh Shah (584 Points)
Replied 19 July 2021

As for sellers part 25 percent allocation is correct.    

I think for buyers side each seller has to file his share amount of 1100000/- in value column and 100/- percent share in percentage of share sold......by each seller in itr2

I want clarification on how each seller will fill itr2 in buyers information of percentage share column and value column

 

 

 

 

Mahesh Shah (584 Points)
Replied 19 July 2021

As for sellers part 25 percent allocation is correct.    

I think for buyers side each seller has to file his share amount of 1100000/- in value column and 100/- percent share in percentage of share sold......by each seller in itr2

I want clarification on how each seller will fill itr2 in buyers information of percentage share column and value column

 

 

 

 

Sourav (Student) (23844 Points)
Replied 19 July 2021

Each seller should report 1100000 rupees each in sales consideration and municipal value shall also be as per share

Mahesh Shah (584 Points)
Replied 19 July 2021

& percentage of share sold should be 100 percent ?? ( For above clarification)

Sourav (Student) (23844 Points)
Replied 19 July 2021

Yes 100% in each partner ITR

Mahesh Shah (584 Points)
Replied 19 July 2021

Ok thx for sharing information....thx

Mahesh Shah (584 Points)
Replied 19 July 2021

Even I am of same opinion....thx a lot

Sourav (Student) (23844 Points)
Replied 19 July 2021

Your welcome

Dorairaj R (Retired Bank Official) (50 Points)
Replied 23 July 2021

In this case the problem will be on arriving at the cost of acquisition. It will be fair market value as on 01 Apr 2001 with appropriate indeexation. How to arrive at a fair market value as on 01 Apr 2001.

Mahesh Shah (584 Points)
Replied 24 July 2021

Valuation  report of incomtax registered valuer


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