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L. T. capital gain in house property

26 May 2024

I sold proprty in Nov 23 for 47 Lakhs. It's purchase cost with COI IS 37 L. Thus CG of 10L.But I purchased in April 2024 property for 15L.How to account it in ITR-2 AY-2024/25 as CG IS not payable.

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5 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (163309 Points)
Replied 26 May 2024

For how many years you hold the property, before selling in Nov. 2023?

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harpal sidhu (30 Points)
Replied 26 May 2024

About 22 years

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (163309 Points)
Replied 26 May 2024

In that case the indexed COA would be much much higher.

Even if there be LTCG of Rs. 10L after indexed COA reduced from sell price, you can claim exemption u/s. 54 IT act, while filing ITR 2 of AY 2024-25, as you have purchased new HP within specified time period as per the section.

Fill the details in column for 'exemption u/s. 54'

sabyasachi mukherjee (26922 Points)
Replied 27 May 2024

LONG TERM CAPITAL GAIN
WHY ITR 2??

Mohammed Nadeem Ansari (67 Points)
Replied 27 May 2024

Agreed with Mr.Dhirajlal Ji

Yes, anybody can use ITR-2 to report long-term capital gains from the sale of property held for 22 years. ITR-2 is suitable for individuals and Hindu Undivided Families (HUFs) who have income from the following sources:Salary/pensionHouse propertyCapital gains (both short-term and long-term)Other sources (such as interest, dividends, etc.)Since you have long-term capital gains from the sale of property, ITR-2 is the appropriate form for you. Be sure to include all necessary details of the sale, such as the sale price, acquisition cost, improvement costs, and any exemptions you are claiming under sections like 54, 54EC, or 54F, if applicable.