When a property is purchased in one financial year and sold in the next, the taxpayer must report the sale in the Income Tax Return (ITR) for the year of sale.
In this case:

• Land was purchased jointly in FY 2023-24
• It is being sold in FY 2024-25
• Therefore, it must be reported in ITR for FY 2024-25 (AY 2025-26)

Even though the purchase was not shown earlier, the purchase cost will still be allowed while calculating capital gains. Keep the sale deed, purchase documents, payment proof and co-ownership details ready.

📌 Capital Gain Calculation
Since the holding period is less than 24 months, the land becomes a Short-Term Capital Asset.
Short-Term Capital Gain (STCG) on land is taxed at your normal income-tax slab rate.
(Add the gain to your income and tax applies as per slab.)

🏡 Note on New LTCG Rules (for reference)
If the property is held for more than 24 months, it becomes Long-Term Capital Gain (LTCG).
New rules apply for long-term property sales:

• Property bought on or after 23 July 2024 → 12.5% LTCG tax (no indexation)
• Property bought before 23 July 2024 → Option to choose
  12.5% without indexation OR 20% with indexation

Your case is short-term, so new LTCG rate rules do not apply here, but useful for future reference.

🧾 How to Report in ITR
When filing ITR for FY 2024-25:

1. Use ITR-2
2. Enter your share of:
   • Purchase cost
   • Sale amount
   • Legal/brokerage expenses (if any)
3. System will compute gain
4. Tax will apply as per slab

Each co-owner must report their own share.

🌾 Special Note — Agricultural Land
If the land sold is rural agricultural land, it is not treated as a capital asset, and no capital gains tax applies.
Rural agricultural land means land situated outside specified municipal limits as per Income Tax Act conditions.
If it is urban agricultural land, then capital gains rules apply similar to normal land.

🎯 Capital Gain Exemptions (if eligible)
If it is a long-term sale (not in this case, but for awareness), exemptions may be available under:

• Section 54B — sale of agricultural land & purchase another agricultural land
• Section 54F — investment in residential house
• Section 54EC — investment in specified bonds

Since your sale is short-term, these exemptions normally do not apply.

✅ Conclusion
Yes, the sale must be reported in ITR for FY 2024-25.
Use the purchase cost (even if not shown earlier) to calculate capital gain.
In this case, the gain is Short-Term and taxed as per your income-tax slab.
If the land is rural agricultural land, no capital gains tax applies.
If it is taxable agricultural/urban land, normal rules apply.