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L. T. capital gain in house property
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.
Replies (5)
Quick Summary
For how many years you hold the property, before selling in Nov. 2023?
About 22 years
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'
LONG TERM CAPITAL GAIN
WHY ITR 2??
WHY ITR 2??
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.
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.
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