I have sold a residential property. From the capital gains I have purchased a new property, how to show the details of new property while filing ITR through Quicko.
Hey there! First off, congrats on selling your property and wisely reinvesting the capital gains into a new one—that’s not just a smart financial move but also a great way to save on taxes under Section 54 of the Income Tax Act. Now, when you’re filing your ITR through Quicko, you’ll need to disclose the details of the sale under “Capital Gains” in the ITR-2 form (since property sale proceeds don’t go under the simpler ITR-1). Quicko makes it pretty straightforward—you’ll enter the sale value, purchase cost, date of acquisition, and date of sale. Then, when you mention the reinvestment in the new residential property, you’ll claim exemption under Section 54 by filling in the details of the new property purchase. Essentially, Quicko will ask you for the investment date and amount, and once you enter these, the software auto-adjusts your capital gains tax liability. Just make sure you keep your purchase deed and registration papers handy, because if the IT department raises queries later, you’ll need to substantiate the exemption claim. Also, if you didn’t invest the entire amount before filing, remember that you might need to deposit the balance in the Capital Gains Account Scheme (CGAS) to still claim the benefit.
I’ll share a little personal story here—back in 2018, I sold a small apartment I had bought years earlier in Pune. At first, I was overwhelmed with the tax jargon. A friend told me about Quicko, and honestly, I was sceptical. But I gave it a try and was pleasantly surprised by how guided the whole process was. I remember nervously entering the property details and then reaching the part about reinvestment. The software walked me step by step through the Section 54 exemption claim. I had just bought a new flat in Bangalore, so when I entered the details, my tax liability dropped dramatically. It was one of those “phew!” moments—you know, like when you’ve been stressing over something and then it just clicks into place. From then on, I became kind of the unofficial tax help guy in my friends’ group, because I kept sharing how Quicko simplified my property capital gains filing. So trust me, you’re on the right track—just be precise with the dates, amounts, and keep those documents ready, and you’ll be sorted without much hassle.
You may also check your Income Tax Liability for the F.Y.2025-26 and A.Y. 2026-27 as per Budget 2025
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Dear Sir Thanks for prompt reply. While filing on quicko I have filled data of purchase and sale data of sold property and system has calculated capital gains, But I am not getting option to enter data for newly purchased property to claim exemption under section 54. Kindly inform me how to enter this data. I am specifically asking about filing through quicko. Thanks once again