Capital gains on sale of house property

Income Tax Income from Capital Gains
23

I was the joint owner in a old property which are sold recently.
I had not paid anything while buying the property and have not received anything while selling the property. The whole amount on selling the property was received by the other owner whose IT return was filed by including the long term capital gain and by showing the investment he made using that complete capital gain in buying a new property in his name. Let me know if I have to show this point while filing the IT return for me as no profit/no loss case and where it will be mentioned in IT filling.

24

Hi @Infos

Since you’re a joint owner of the property, and TDS had been deducted on the sale, you must disclose the same in your ITR.

25

Hi,

I am transferring the allotment letter for my house property to another buyer. The builder has not yet issued occupancy certificate so I cannot take possession of the house. I understand that I am transferring the “right to acquire the house” which will be classified as a capital asset for capital gain calculation.

My query is whether the transferee (buyer of the right) needs to deduct TDS @1% on this as the value is above 50 lakhs? but it is not actually “immovable property” rather it is a “right to that immovable property”? Whether Sec 194IA applies here ? or whether any other TDS section is applicable here?

Your advice would really be helpful as the buyer is willing to go ahead with the transaction tomorrow.

26

Hi @Ashwin1

If the sale deed happens with you, TDS u/s 194IA would be deducted for your PAN, and if it is from the builder, then TDS u/s 194IA would be deducted for the builder’s PAN.

No other TDS section shall be applicable.

For any further assistance, you can also Ask an Expert.

Hope this helps.

27

Hi Experts,

I have one small Query . While Filing ITR2 to show capital Gain while filing Schedule capital Gain .
I am able to select Date of purchase/Acquisition for the flat I bought but for same flat I am not able to put Date of Sale/Transfer it only showing till 31 March 2024 My registry transfer of the flat was done on 20th of April 2024 but April 2024 is grayed out not able to select any date . I bought the flat in 2014 so it will take LTCG . Capital gain will come in negative can I file the losses in consecutive years or it can be applied only in one financial Year.

28

Hey @souravsrivastava,

The ITR filing is available now for FY 23-24. Hence, you will be able to add transactions from 1st April 2023 to 31st March 2024. If the transfer happened at a later date, the capital gains will be counted in the current FY, i.e. FY 24-25 and the ITR for the same will be filed next year, which is in AY 25-26.

Moreover, the losses will be classified as long-term capital losses. You can report them and set them off with other long-term gains. If there are no other long-term capital gains to set off, these will be carried forward for the next 8 years.

Hope this helps!