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

Capital gains exemption under section 54F can be re-taxed when another residential house is bought within the prescribed period.
Long-term capital gain earlier exempted under section 54F becomes taxable in the previous year in which another residential house is purchased within the prescribed two-year period, because the exemption condition is violated. In ITR-2, the amount should be reported in the capital gains schedule as re-taxed capital gains for the relevant year. A separate new flat purchase in the same year may still support fresh exemption claims under section 54 and section 54F against that year's capital gains, subject to the normal conditions.