ITR-2 filling on New Incometax website

ITR Filing 361 views 3 replies

MR

25 Points Posted on 03 August 2021

Hello All,

I am facing weird issue while filing ITR-2 online on new income tax portal. I sold my flat in August 2000 (SFT Property sold entry on 26AS), want to submit capital loss in ITR.

Income from hour property (self occupied) is -2L (lakh). In final "computation of total income", it doesnt deduct -2L, because of that showing extra income of 2L, and showing tax to pay.

If I select ITR-1, it considers "Income from hour property" but not in ITR-2 it is Nil.

It was only property I had. Please let me know what I am doing wrong and how to solve this issue

Replies (3)

MR

25 Points Posted on 03 August 2021

Additional information:

- Property was not rented out. No rental income.

- I stayed in the flat. After selling the flat in August 2020. I am in rented flat now.

- Selecting old regime in ITR.

Is 2 lakh your loan interest? If not then you cannot deduct from under the head hp.

If you transfer LT residencial house and purchase or construct 1 residencial house before 1 yr or 2yrs from transfer then you can take exemption as per section 54 of IT Act.

MR

25 Points Posted on 05 August 2021

Yes it was home loan interest.

Well, I have figured out what exactly it is. If one wants to claim home loan interest, ITR-1 is straight forward. However if properly is sold in the same year then ITR-2 need to file.

Here are steps:

- Select ITR-2
- Add modules - House property (HP), CYLA , Capital Gains.
- - In HP schedule enter interest on borrowed capital. In outer calculation it will show 0.
- In CYLA Module. Sett off loss. "House Property loss of the current year set off".
- In Capital Gains module - count LTCG or STCG - If profit, tax computation will change. If loss, then one can carry forward.