Hii
you have to file ITR 2
your share depends on ownership, if you both have 50-50 share then equal distribution is required for the purpose of capital gain calculation
for calculation we have to check indexation
Filing ITR when sold property by Brother Sister both Salaried
Hi Ma'am / Sir, My sister and me sold our old ancestral property in Amritsar on 18 Jan 2018 at 35L all via cheque. The purchase price was 21L on 19 May 2006. My sister got 23L and i got 12L. Both of us are salaried employees and normally fill ITR1 for our tax return. Can you please guide us on the following; 1. Which form to fill - ITR 1 or 2 2. How to show property sold and distribute the money received individually 3. I am sure there is no capital gains, but still would like you to confirm 4. If an capital gain / loss how to show it in ITR filling
Asked 6 years ago in Income Tax
You need to file ITR 2.
The distribution of money would depend on share in property.
In total you are having a loss of 13 crore.
You need to show it in capital gain tab in ITR.
If you need any assistance feel free to contact me.
Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.
Thank you
Dear Sir,
Hope you are doing well !!
1. You should file ITR 2.
2. As per share in property.
3.Yes, you are correct. There would be capital loss.
4.You need to mention the details of capital gain/loss in schedule CG while filing ITR.
Hi,
- You need to file ITR-2.
- Cost will be distributed on the basis of net sale consideration received by each of you.
- Need to fill capital gain schedule.
Hi
1. You need to file ITR 2.
2. Capital gains of respective share in the property needs to be shown in individual ITRs.
3. It is a capital loss which can be carried forward to set off with future capital gains.
4. The capital gain calculation has to be reflected in CG schedule.
We may assist you with the filings.
Hello,
1. ITR-2 would be required for both of you.
2. divide the sale consideration and cost of acquisition of the property in ownership ratio, in case no ownership ratio mentioned, take 50/50.
3. There is Long Term Capital Loss, which could be carry forward and set off in future years.
4. Fill the requisite schedule in ITR-2 with details as mentioned by you.
I hope this answer satisfies your requirement.
Regards,
CA Hunny Badlani
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