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How To E-File ITR 2 When You Have Sold House Property, Land or Building?

By Mayashree Acharya

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Updated on: Apr 18th, 2024

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9 min read

Did you know that you have to file your income tax return in ITR-2 form in case you have sold your house, property, land, or building? In this article, we will guide you in detail about filing the income tax return in such a situation. Follow the below steps to file your income tax return with capital gain/loss details with Cleartax in a hassle-free manner.

Step 1: Log In Or Sign Up On Cleartax Portal

Cleartax Portal offers hassle-free log in or sign up.If you are filing with us for the first time, you will have to link your PAN by entering your PAN, Date of Birth, and the OTP received on your registered mobile number. 

Link pan to e-file

However, if you filed with us last year and your PAN is already linked, you will see this screen directly. 

tax filling with cleartax

Step 2: OTP Verification 

You will have to complete another OTP verification to view your pre-filled details. 

tax filing for fy 2023-24

verify otp

Most of your information will be auto-filled. At the bottom, you can see the ‘Upload Form 16’ option. Upload your Form 16, and all your salary details will also be captured automatically.  If you don't have Form 16 or you want to enter the salary details manually, you can click ‘Continue to e-file’.

Prefilled data with cleartax
TDS and TCS filed with cleartax

 Step 3: Fill Personal Details

Here you will see 4 tabs: Personal Info, Income Sources, Tax Saving and Tax Summary. The ‘Personal Info’ tab will have all your personal details like name, address and other details. You can expand each section and review these details. You also have the option to edit them, if required. 

Personal infomartion filled with cleartax

Step 4: Fill Out Income Sources

Click on ‘Income Sources’ and click on ‘Add Details’ under the head ‘Capital Gain Income’ when you have sold house, property, land or building in the financial year. 

incomes sources

Step 5: Enter ‘ Sale Of Land or Building’ Details

Here, scroll down and click on ‘Add Entry’ under ‘Sale of Land or Building’.

sale of building or land details

 Step 6: Details Of Asset Sold

Add ‘Date of Sale’ and ‘Date of Purchase’ of House Property. Enter ‘Description of Asset Sold’, ‘Sale Price’, ‘Purchase Price’, and ‘Brokerage Charges’. You can add cost of improvement details, if any, by selecting the 'Do you want to add cost of improvement details?' option. 

property details

You can claim exemption on this capital gain under sections 54, 54EC, and 54F. If you have invested under any of these sections, enter the details under the respective sections.

capital gains income

Enter the property address and buyer details and click on ‘Save’.

property address

Step 7: Other CG Income

Next, if you have sold other assets like mutual funds, stocks, bonds, US stocks, shares received as a part of an ESOP or RSU scheme, gold, or any other asset, then enter the details of the profit/loss from such transactions under the respective heads and click on ‘Go to next’ button. 

other Capital gain income

Step 8: Add Other Income Sources 

Enter your other incomes like freelancing or business income, Interest from Bank Accounts, Fixed Deposits, Dividend, gaming income, rent from house property, interest paid on housing loan and crypto income and click on ‘Go to next’.

other income sources

Step 9: Tax Savings

Next, on the ‘Tax Savings’ tab, if you have made declarations to your employer, all such details will be auto-filled here. You can also enter the details manually and claim all the deductions here. Declare all other deductions which are applicable. However, consider that under new tax regime there is very few deductions or exemptions allowed. Read: Guide on Section 80 Deductions.

tax saving deductions

Step 10: TDS & TCS

Cleartax can automatically import your TDS entries from the the Income Tax Department. However, under the ‘Taxes Paid, TDS and TCS’ section, add TDS on the sale of house property, land, or building.

TDS and TCS details

Step 11: Tax Summary

You will see a tax summary. Once you review all the details in the summary report, click ‘File Now’.

Based on all the details you’ve added, Cleartax will auto-select the ITR Form for you. Cleartax will also auto-suggest the best tax regime for you that saves you the maximum taxes. 

tax summary filed

Step 12: E-verify IT Returns

After making the payment, your return will be submitted, and you will receive an acknowledgement number from the Income Tax Department. The last step is to click on the ‘E-verify now’ button. Enter the OTP to e-verify your returns and that’s it, and you are done with your ITR filing!

e-verify it return

Related Articles

  1. ITR-2
  2. Which ITR should I File?

Frequently Asked Questions

Can I file ITR 2 if I have capital gains?

Yes, If you have income from capital gains, then you will have to file ITR-2. If you have business income along with capital gains, then you will have to file ITR-3.

How do I disclose capital gains in ITR?

You can disclose capitals in ITR-2 or ITR3 in Schedule CG. You can give the details of the Sale value, Purchase value and accordingly, capital gains will be computed on the same.

Which ITR is required for salary income and capital gains?

You will have to file ITR 2 if you have income from Salary and capital gains.

About the Author

I am an advocate by profession and have a keen interest in writing. I write articles in various categories, from legal, business, personal finance, and investments to government schemes. I put words in a simplified manner and write easy-to-understand articles. Read more

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Quick Summary

Guide on filing income tax return in ITR-2 form when selling property. Steps involve logging into Cleartax portal, filling personal and income details, adding capital gain income, entering asset sale details, adding other income sources, tax savings, TDS, and verifying return. Cleartax suggests ITR form and tax regime for saving maximum taxes.

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Clear offers taxation & financial solutions to individuals, businesses, organizations & chartered accountants in India. Clear serves 1.5+ Million happy customers, 20000+ CAs & tax experts & 10000+ businesses across India.

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