Failure to show nil LTCG in IT return. What is to be done?

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  1. vnkesavan

    vnkesavan New Member

    A IT return was submitted by my wife online using ITR 1. There was a real estate transaction where all the sale proceeds were utilized to buy a new residence for own use.There was therefore no LTCG> As ITR 1 does not have a Capital Gain indication means,the transaction was not shown. What is the remedy?
     
  2. Parul_Gupta

    Parul_Gupta Active Member

    You can file a Revised Return and disclose the transaction in the Revised Income Tax Return
     
  3. Raunak Gupta

    Raunak Gupta New Member

    Hi,

    In this case you should file a revised return in ITR-2 and upload the same again.

    In ITR 2, you can show the above real state transactions and avail the benefit of Section 54/54F for showing nil LTCG.
     
    Parul_Gupta likes this.
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