Loss of income Under head House Property for unfinished project acquired by NBCC
This query is : Resolved
08 July 2023
Dear Sir
Good day
I had booked an office in the name of my wife with Amrapali Group project "AMARPALI TECHPARK"in Greater Noida in the year 2008 .
I was assured at 12% return on my investment of 550 square foot area I was getting returns as per agreement after deduction of 10%TDS till the year 2016 .
Amrapali went bankrupt and now the project has been acquired by NBCC and still incomplete and I have not received a single penny after 2016.
As per the agreement I was supposed to get an income of Rs 37per square foot for an are of 550 sq.ft.
Can I claim LOSS OF INCOME UNDER THE HEADS PROPERTY in my wife's income tax return??
We have never claimed any loss of income since 2016 from this property.
My wife is working and she's filing ITR-1
Please advise if I can show this loss of income in ITR-1
Thanks andbest regards
Arvinder Singh
Good day
I had booked an office in the name of my wife with Amrapali Group project "AMARPALI TECHPARK"in Greater Noida in the year 2008 .
I was assured at 12% return on my investment of 550 square foot area I was getting returns as per agreement after deduction of 10%TDS till the year 2016 .
Amrapali went bankrupt and now the project has been acquired by NBCC and still incomplete and I have not received a single penny after 2016.
As per the agreement I was supposed to get an income of Rs 37per square foot for an are of 550 sq.ft.
Can I claim LOSS OF INCOME UNDER THE HEADS PROPERTY in my wife's income tax return??
We have never claimed any loss of income since 2016 from this property.
My wife is working and she's filing ITR-1
Please advise if I can show this loss of income in ITR-1
Thanks andbest regards
Arvinder Singh
08 July 2023
Such loss of income can't be claimed under income from house property head.
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