Income tax for flat sold at loss
This query is : Resolved
25 October 2022
I had purchased a flat at 50L Pune in 2013. Did not apply for any IT benefit in ITR. Have paid total 65L to bank against principle and interest to clear the loan.
I am selling it at 59L now, at loss of 6L.
Do I need to pay any income tax on this?
Is TDS applicable and can I claim it back?
I am selling it at 59L now, at loss of 6L.
Do I need to pay any income tax on this?
Is TDS applicable and can I claim it back?
25 October 2022
Even after indexation, you are at loss, so no capital gains liability. Or no need to pay any income tax.
Yes, TDS will be deducted by purchaser, which you can claim while filing relevant ITR.
Yes, TDS will be deducted by purchaser, which you can claim while filing relevant ITR.
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25 October 2022
Thank you so much Dhirajlal ji. Appreciate your prompt reply !
26 October 2022
You are welcome ..
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