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

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. 

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

Step 2: OTP Verification 

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

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’.

 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. 

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. 

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

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

 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. 

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.

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

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. 

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’.

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.

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.

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. 

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!

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