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Do you know, you have to file your income tax return in ITR-2 form in case you have sold your house property or land or building. In this article, we will guide you in detail about filing the income tax return in such a situation. Follow below steps to file your income tax return with capital gain/loss details with Clear in a hassle free manner.
The due date to make compliances for claiming exemption under section 54 to 54GB, such as investment in bonds, purchase or construction of the property, the deposit of money, etc., is extended. The compliances, of which the last date falls between 1st April 2021 to 29th September 2021, may be completed before 30th September 2021.
Union Budget 2019 outcome:
Budget 2019 extended the applicability of capital gain exemption under Section 54 by allowing the purchase or construction of 2 residential houses (previously one 1 was allowed), provided the gain is less than Rs. 2 crore. This option can be exercised only once in a lifetime.
CBDT has issued a circular on 9th Sep 21 extending the timelines for certain direct tax compliances for AY 2021-22.
1. ITR Filing due date extension:
i) ITR filing by taxpayers not covered under audit is extended from 30th Sep 21 to 31st Dec 21
ii) ITR filing for Tax audit cases is extended to 15th Feb 22
iii) ITR filing for transfer Pricing is extended to 28th feb 22
iv) ITR filing of Belated or Revised Return for FY 20-21 is extended from 31st Dec 21 to 31st March 22
2. Furnishing Audit Report:
i) Due date to furnish the audit report is extended to 15th Jan 22
ii) Due date to furnish the audit report for transfer pricing cases is extended to 31st Jan 22
Start by entering your permanent information like Name, Date of Birth and PAN number.
Click on Income Sources and input your income details from Salaries, you can choose to upload your Form 16, so we can populate your information directly. OR enter your taxable salary and details of employer manually.
Locate your Taxable income in your Form 16.
Enter the Salary TDS amount and details of employer If you changed jobs during the year, add another salary
Next, enter your other incomes like Inerest from Bank Accounts, Fixed Deposits, Gifts and others.
Next, declare the exempt incomes, if any, like Mutual Funds, ULIP’s, interest from PPF account and agriculture income.
If you have sold house, property, land or building, goto Capital Gains tab Click on ‘Click here if you have sold any assets’. In this click on ‘Add’ on Details of Sale of Land or Building (Property).
Add ‘Date of Sale’ and ‘Date of Purchase’ of House PropertyEnter Purchase price, Sale price and Brokerage ChargesYou can claim exemption on this capital gain under sections 54, 54EC & 54F Enter details if you have invested under any sections.
Review the details of capital gains and click “Go To Next”.
Enter the Total of your Section 80C deductions (LIC, Mutual Funds, etc) Declare all other deductions which are applicable. Check out “More Deductions” tab. Don’t miss a deduction. Read :Guide on Section 80 Deductions
ClearTax can automatically import your TDS entries from Income Tax Department.If you deposited tax via Challan 280 (self assessment tax) yourself, add details regarding it.
Woohoo, ITS DONE ! You can review for return by downloading ITR PDF or ClearTax word-report. Click on the large green button and your return shall be submitted to Income Tax Department.