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Itr2 - filling up of capital gains account details

S Nagar (Finance Professional) (76 Points)

29 April 2013

while filling up ITR 2 for Long term Capital Gain, I have following Queries.

Within Schedule CG - there are two options to mention LTCG - one with indexation and the other one without indexation. My LTCG is due to sale of two residential houses. Proceeds from the sale have been deposited in Capital gains account

Do I need to mention LTCG for both the houses separately . If Yes How I can do that in ITR 2 ?
Can For the sale of residentail property , LTCG can be filed without indexation. In my case without indexation, tax rate is lower @ 10% and is more beneficail to me ?
Where do I mention the detauils of amount deposited in Capital gans account in ITR2 ?

Keenly awaiting responses

Thanks

S Nagar

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1 Replies

Sonam Bidasaria (CA) (770 Points)
Replied 05 May 2013

1. You will have to give the details of both the house jointly (Just by ading together) in all the fields. if both of them fall in the same category i.e. either " without indexation" or "with indexation".

2. Income Tax Act has to be followed in the same way, as it is drafted. If it is not specifically mentioned that " particluar income has to be taxed at the rate which is beneficial to the interest of the assessee", you cannot calculate the tax in that way.

In your case, if the property is Long Term Capital Asset, you will have to take indexation. The provision of "without indexation" and "income chargeable at 10% rate" is only applicable to securities listed on any recognised stock exchanges.

3. Mention the details of Amount deposited in the field "Deduction under Sections 54/54B/54D/54EC/54F/54G/54GA"