Income Tax in case of Loss on Sale of Property

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  1. Vishal1k

    Vishal1k New Member


    My name is Vishal.
    I would like to understand what Tax I need to pay for the property in sold in Pune.
    Cost price of the property was INR42 Lacs in April 2009
    Selling price of the property was INR63 Lacs in March 2016.

    I am getting various confusing views on the taxes I need to pay on this sale.

    Request your help here.
  2. Saurabh2017

    Saurabh2017 New Member

    Long Term Capital Loss (A-B)= Rs.883,860.
    Sales Consideration (A):-=Rs 63,00,000
    Cost Of Acc (Indexed)(B):-4200000*1081/632=Rs 71,83,860
  3. Karan Batra

    Karan Batra Well-Known Member

    Yes, @Saurabh2017 has very rightly computed that there is a loss in the above mentioned case
  4. Vishal1k

    Vishal1k New Member

    So do I pay income tax here?

    INVESTURU Member

    you did not need to pay any tax on the save. However, in order to take benefit of the above computed loss. you need to file income tax return with the disclosing of such sale of property under the head Capital Gain.
  6. Karan Batra

    Karan Batra Well-Known Member

    Yes @INVESTURU has rightly said that you dont have to pay any income tax in the case of above mentioned transaction.

    However, the above transaction is required to be reported in the Income Tax Return
  7. V K Khanna

    V K Khanna Active Member

    Sec 74 provides that you can set off long term capital loss against income from capital gains assessable for that AY in respect of any other capital asset other than the short term capital asset. If the loss cannot be wholly so set off, it can be carried forward to the subsequent eight years.
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