ITR-2 filling on New Incometax website

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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)

Quick Summary

A user is experiencing difficulties filing their ITR-2 on the new income tax portal, specifically with reporting a capital loss from selling a flat and a loss from their self-occupied house property. The system isn't deducting the house property loss correctly, leading to an inflated taxable income. The issue seems related to claiming home loan interest when the property is sold in the same year, which requires specific steps in ITR-2 involving the CYLA module for set-off.

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.

Amit Maity

66 Points Posted on 05 August 2021

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.

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ITR-2 filling on New Incometax website

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