Offsetting of capital gain by purchasing assets

Dear all,

 

I sold my old house property and purchased a new one. U/s 54, I can offset capital gains from sale of house with expenditure on purchase of new house. However, I could not find the space in ITR 2 where I can fill these details for reporting purpose. Secondly, I retired from Armed froces last february and though the retirement benefits are not taxable, i want to show the amount for reporting purpose only.

 

Please help me by confirming the relevant spaces in ITR 2  where i can fill the above details.

 

Thanks in advance

Replies (2)
Long term capital gain   
1. From Asset in case of non-resident to which first proviso to section 48 applicable 
2. From asset in the case of others where proviso under section 112(1) is not applicable
  Full value of consideration  2a Fill here
Deductions under section 48 
  i   Cost of acquisition after indexation  bi Fill Here
  ii   Cost of improvement after indexation   bii Fill Here
  iii   Expenditure on transfer  biii Fill Here
  iv   Total (bi + bii +biii)  biv  
Balance (2a – 2biv)  2c  
Deduction under sections 54/54B/54D/54EC/54F 54G/54GA/54GB 2d Fill Here
Net balance (2c – 2d) 

You will find this in your ITR 2 (Excel) in the tab named "CG-OS"

I hope it will help you

Dear Shivam,

 

Thanks for early reply.  your reply solved my first question. 

I will be greatful if you can suggest me where to show retirement benefits (approx 40 Lacs) in ITR 2. It is non-taxable.

 

Thanks again....

 

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