Income below 12L, Form 121 submitted, sudden property sell caused LTCG

Income Tax Act 1961 Income from Capital Gains
1

I am a senior citizen, my income is below 12 lakhs so have submitted form 121 with banks

Suddenly, if I have to sell property which will cause LTCG of 7 lakhs after indexation

Pl advise me, what to do?

Should I sell property or not, what will be impact if I sell property

Thanks :folded_hands:

2

Hey @Ramesh_Saraf,

Selling the property will not create any issue with Form 121. That form is only a declaration for lower or nil TDS on certain incomes like bank interest.

However, if you sell the property and earn LTCG of ₹7 lakh, that capital gain will become taxable income and must be reported in your ITR.

Hope this helps!