54 F Disallowance presentation in itr 2

[Narayanan swamy]

CAPITAL GAINS QUERRY- PRESENTATION IN ITR 2 IN FY 24-25.

The following are the details

I had claimed 54F benefit of LTCG last financial year ie 2023-24 of Rs. 74,58,474

shares sold on 10/08/2023

flat purchased on 25/08/2023

I purchased another flat in FY 2024-25 on 18/11/2024 – Rs. 3,35,00,000 + sdr 23,25,011 = 3,58,25,011 by selling my old flat and equity shares as under

Sold Another flat (purchased on 22/01/2003 for Rs. 16,67,200+sdr 1,27,750.= 17,94,950) sold on 21/10/2024 for Rs.193,00,000 -to claim 54 benefit

sold shares (long term) on 13/11/2024 sale value Rs. 1,55,01,197 - LTCG Rs. 85.99,913 - to claim section 54F benefit

since i have purchased another flat (on 18/11/2024) within TWO years of sale of original asset (sold on 10/08/2023) Understand that the LTCG claimed in last FY 23-24 of Rs. 74.58 lacs will be disallowed and added back to FY 24-25 income

Querry

How do I present the disallowed LTCG of FY 23-24 (as Long term capital gains) in the ITR 2 of FY 24-25 since i will also be claiming the 54 and 54F benefit in FY 24-25 in the ITR 2 of FY 24-25 (consideration on sale of shares and LTCG on flat sold invested in new flat as above).

AM UNABLE TO FIND THE SAME IN THE ITR 2 FORM OF FY 2024-25 hence the request

regards

Narayanan Swamy

AI Summary

How to Report Disallowed LTCG from Section 54F and Claim New Exemptions in ITR 2 FY 2024-25 A taxpayer claimed exemption under section 54F for long-term capital gains (LTCG) in the financial year 2023-24 after selling shares and purchasing a flat. Subsequently, the taxpayer sold another flat and shares in 2024-25 and purchased a new flat within two years of the original sale, which may lead to disallowance of the earlier claimed exemption. The taxpayer seeks guidance on how to report the disallowed LTCG from 2023-24 in the ITR 2 for 2024-25, while also claiming section 54 and 54F benefits for the current year's transactions. The issue centers on the correct presentation of disallowed LTCG and simultaneous claim of exemptions in the income tax return form, as the taxpayer is unable to locate the appropriate section in the ITR 2 form for FY 2024-25.