Capital loss on inherited property

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narjis (Querist)
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21 December 2013 I have inherited two flats from my father after his death in 2013 which he got constructed by a builder on his land under 50-50 percent in 2006 which was completed and possession was given in 2008 i have sold one of the flat in 2013 value of the same in 2008 was 18 lakhs and i have sold it for 24 lakhs. i have calculated the indexed cost of acquisition to be purchase value * CII 2012-2013/ CII 2008-2009
180000* 852/582 = 2635051 but my sale price is 2400000
my questions are
1)does that mean i am not liable to pay any tax on this property infact i have acquired a capital loss?
2)i have filed my IT returns where in my annual income is 2,50,000 so the -235051.55 can this amount be deducted from my coming year's profit?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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21 December 2013 1. yes it means that you are not liable to tax on account of sale of the said property.

2. Assuming the other income is not in nature of capital gains, this capital loss cannot be adjusted against such income. However, you can carry it forward for 8 years to adjust it against any future long term capital gains.

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