The income from the sale of other assets is classified under "Capital Gains" as short-term capital gains or long-term capital gains, based on the period of holding. Other assets cover the sale of jewelry, vehicle, paintings, and more.
If the TDS is deducted & deposited by the buyer, it will be reflected in your Form 26AS. You can claim this tax credit while filing your Income Tax Return.
To report capital gains from the sale of other assets, follow these steps:
- Navigate to Incomes > Capital Gains Tab
- Go to the section "Did you sell Other Assets?" and add the description of the property sold, the purchase and sale date as well as the purchase and sale price and if any, transfer expenses paid
- If you have made any renovation to the property and want to claim expenses, you can click on "Claim Expenses", select the relevant Financial Year and enter the amount. If you don't wish to claim any expenses, you can simply click on "Skip & Continue"
- You can claim a deduction under Section 54F, if you have made any investment in residential property, agricultural land, government bonds, and more out of the sale proceeds. You can click on "Cancel" if you have not made any such investments
You will be landed on the summary of your indexed gains/losses from the sale of other assets, which will look like this: