Sale of Slum Hut-LTCG
This query is : Resolved
28 July 2023
Dear Sir,
In the financial year 2022-23 a slum hut in Mumbai was sold for Rs.2250000, which was purchased on May-2012. There is no registration and stamp duty for slum huts in Mumbai. There are no valuation reports for this slum Sale.
My question is if I have shown loss of LTCG Rs.315000/- in income tax return then there can be any inquiry from Income Tax?
Please reply your valuable advice in this regards.
Thanks & regards
N Kadam
In the financial year 2022-23 a slum hut in Mumbai was sold for Rs.2250000, which was purchased on May-2012. There is no registration and stamp duty for slum huts in Mumbai. There are no valuation reports for this slum Sale.
My question is if I have shown loss of LTCG Rs.315000/- in income tax return then there can be any inquiry from Income Tax?
Please reply your valuable advice in this regards.
Thanks & regards
N Kadam
28 July 2023
How did you arrive at loss of Rs. 3,15,000?
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28 July 2023
The Cost of Acquisition is Rs.1550000--May-2012
The Sale Consideration is Rs.2250000--Sept-2022
Indexed cost is Rs.2565250
Capital Gain -- -(3,15,250)
The Sale Consideration is Rs.2250000--Sept-2022
Indexed cost is Rs.2565250
Capital Gain -- -(3,15,250)
28 July 2023
Even if any inquiry be raised, if you have authentic documents along with payments substantiating purchase value of Rs. 15,50,000/- then why worry?
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01 August 2023
ITR filed and intimation received under section 143(1) allows LTCG loss to be carried forward to future years.
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01 August 2023
Congrats..
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