Income tax on property sale below Purchase Price

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  1. Ashish_ggn

    Ashish_ggn New Member

    Hi, I would like expert comments and inputs in case of Income Tax to be paid or refunded for Property Sale.
    Purchased Property in FY 2012-13 @ 46 Lacs
    Selling Year FY 2016-17
    Selling Price if Sold at 44 Lacs or If sold at 46 Lacs or more.
    What would be the calculation of LTCG? & as the selling price would be less than current CII value. What would be the IT return and how its calculated.
  2. Karan Batra

    Karan Batra Well-Known Member

    This would result in a Long Term Capital Loss and it would be disclosed as a loss in the income tax return
  3. Ashish_ggn

    Ashish_ggn New Member

    Thanks Karan, Can u please help on the calculation part of LTCL
  4. V K Khanna

    V K Khanna Active Member

    Your long term Capital loss will be as under:-

    Cost of acquisition of asset x CII of year of sale of asset ÷ CII of year of its purchase and the sum so arrived minus sale consideration.
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