Help completing itr for tds refund for sale of property

VS (NA) (39 Points)

11 May 2019  

Hi - I need some guidance on how to complete ITR form for the following scenario

My dad sold his house (for e.g. for Rs. 60L). In the same tax year, he bought another house (for e.g. for Rs. 70L). So, there is no capital gain here. In the first transaction, buyer deducted 1% (Rs.60K in this example) as TDS. My understanding is that he can claim credit for the TDS that was withheld for the sale transaction.

Questions:

  1. Should I use ITR-2 in this scenario (other than property sale, he just has pension income)
  2. Where do I report the property buying and selling transactions? Should I report the sale under long-term capital gain worksheet and then claim deduction u/s 54 for property purchased? 
  3. How do I report the TDS deducted for sale of original property? Should it be reported in the TDS worksheet (in section for form 16B) as "TDS credit being claimed this year"

 

Thank you for your help...

Regards,

VS