ITR II LTCG on sale and purchase of property within a year

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as per attached letter


Attached File : 94351 20240628103846 letter on itr ii.pdf downloaded: 6 times
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Attach the document again      

I purchased housing plot in Chennai City in Nov 2004 for Rs.17 lacs and same has been sold in May 2023 for Rs.88 lacs. Based on this the system has calculated the indexed value of Capital Gain. Up to this there is no error. The sale proceeds of the property is deposited in my SB account after the TDS portion of 1% by the buyer which reflects in my 26AS.  With these proceeds I have purchased a old house property for Rs.1.0560 crores in December 2023. After TDS I paid the balance amount to the seller and the TDS remitted to the Government using my TAN.

Now claiming deduction under SEC 54F I am not able to fill the following columns.  Can you please guide me.

  1. Date of Transfer of Original asset- should I mention the date of purchase of the property here? Registration date?
  2. Date of purchase or construction of new residential house:- I bought a old house and should I mention the date on which the seller handed over the house to me?
  3. Cost of New Residential house : Should I mention here the amount for which the house is registered with stamp duty and brokerage or Total cost minus TDS?
  4. Amount deposited in capital account schemes deposited before due date: I have not deposited the amount in any capital gain account as I was negotiating for purchase of house which I did within 7 months. What should I mention here?
  5. Date of deposit, Account number and IFSC code- What should I mention here as I have not deposited any amount in Capital gain account?
  6. What is the amount of deduction claimed:- Which amount I should mention here.
  1. Indexed value of LTCG as arrived on sale of Property?
  2. Cost of purchase of house by me id 1.0560  crores ?
  3. Or the cost of difference between the above two.

Can anyone guide on this

1. May 2023.

2. Dec. 2023

3. 1.056 Cr

4. Nil

5. NA

6. 88 lakhs.

In the same scenario what would be the case if no new purchase is made , and amount is not able to be CG account due to negotataion fail  , and Which ITR TO file .

If there is no income from PGBP (i.e business/profession), you can go with ITR 2.

 If the amount is not utilized for purchase of new HP within specified time period, you will have to pay LTCG tax before withdrawal of amount from the CGAS account.

If there is nominal income from the deposits , will that change the case: In the ITR 2 There is schedule for CG but if the computation is coming as no gain then what to do , as the indexation calculation . aslo does it show the amount that is there ??

If there is no capital gain after indexed purchase cost, then it will show the net value be it zero or even negative (i.e. LOSS) so no need to deposit any amount in CGAS account.

Thanks for the reply, appreciate your kind and correct guidance, As mentioned , under which section we can mention that "egative (i.e. LOSS) so no need to deposit any amount in CGAS account."In future it myt help somebody.
Wherever you enter the detail in Schedule Capital Gain, the capital gain will be negative if indexed cost of asset is filled properly. So question of getting any exemption u/s. 54/F doesn't arise. Which means no need to park fund in CGAS account.


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