Sale of Slum Hut-LTCG

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NK1976

NK1976 (Querist)
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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

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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28 July 2023 How did you arrive at loss of Rs. 3,15,000?

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NK1976

NK1976 (Querist)
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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)

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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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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NK1976

NK1976 (Querist)
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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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Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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01 August 2023 Congrats..

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