Senior citizen with nil taxable income but property transactions

I am 62 years old having no salary or pension income. Only source is interest on savings & fixed deposits. Total within 3.00 lacs. Last year I sold a Residential flat for 81.0 lacs & bought a residential flat for 97.0 lacs( both in financial year 20-21) ( tds was deducted/deposited in both cases)Form 26AS reflects this transaction
I am not sure how to compute tax liability if any. Which form to use & can anybody guide me to file tax returns to avoid mistakes

Hey @alok_Kapur ,

Return filing is mandatory if you want to claim TDS refund, claim losses or if your gross taxable income (before claiming any deductions under 80C to 80U) exceeds basic exemption limit.

In your case, you earned income from interest and sale-purchase of residential property. Hence, major reporting shall be made under the head of IFOS and Capital gain in income tax return.

However, for computation of tax liability and guidance regarding ITR filing, you can take help of tax experts on Quicko.

I hope, it helps! :slightly_smiling_face: