Ltcg on sale of property

Hello Folks,

I have some doubts related to ITR 2, which googling has not been able to resolve. I'd greatly appreciate it if any one of you could help.

We sold a piece of land which was registered in the name of my late father in November 2013. This land was purchased in 1988. My mother is the legal heir and the entire proceeds of the sale were deposited into a CGAS account (under her name). We intend to purchase a new residential property before the end of this financial year.

I'm now filing returns on behalf of my mother and am fairly clear about LTCG figures to be reported in ITR 2. What I'm confused about is Part D1 in Schedule CG. The following fields are to be filled up:

Section under which deduction claimed: I believe this is Sec 54. Is this understanding correct?

Amount of deduction: This is known

Cost of new asset: The new property has not been purchased. What is to be reported here?

Date of its acquisition / construction: The new property has not been purchased. What is to be reported here? The form does not accept future dates

Amount deposited in CGAS before due date: This is known

Could you please share your views on what is to be reported here? Thanks a lot for your time.

Originally posted by : Rahul
	Hello Folks, I have some doubts related to ITR 2, which googling has not been able to resolve. I'd greatly appreciate it if any one of you could help. We sold a piece of land which was registered in the name of my late father in November 2013. This land was purchased in 1988. My mother is the legal heir and the entire proceeds of the sale were deposited into a CGAS account (under her name). We intend to purchase a new residential property before the end of this financial year. I'm now filing returns on behalf of my mother and am fairly clear about LTCG figures to be reported in ITR 2. What I'm confused about is Part D1 in Schedule CG. The following fields are to be filled up: Section under which deduction claimed: I believe this is Sec 54. Is this understanding correct? Amount of deduction: This is known Cost of new asset: The new property has not been purchased. What is to be reported here? Date of its acquisition / construction: The new property has not been purchased. What is to be reported here? The form does not accept future dates Amount deposited in CGAS before due date: This is known Could you please share your views on what is to be reported here? Thanks a lot for your time.