Short Term Capital Gains
This query is : Resolved
LAXMIKANTH GONDIKAR
(Querist)
09 March 2009
Assessee hives Land for Development to a Developer in 2006-07.
In 2007-08, Out of his share of plots Assessee sells one plot to A for 7 Lacs.(3 lacs for plot + 4 lacs for structure). Long Term Capital GAins on 3 lacs was declared in 2007-08.
In 2008-09, the Developer has handed over the completed structure on the above mentioned plot to assessee. However, cost of construction of the structure given by the developer is working out to 4.75 lacs which is more than the sale consideration of 4 lacs. Can the assessee claim short term capital loss of 0.75 lacs on the structure sold to A?
In 2007-08, Out of his share of plots Assessee sells one plot to A for 7 Lacs.(3 lacs for plot + 4 lacs for structure). Long Term Capital GAins on 3 lacs was declared in 2007-08.
In 2008-09, the Developer has handed over the completed structure on the above mentioned plot to assessee. However, cost of construction of the structure given by the developer is working out to 4.75 lacs which is more than the sale consideration of 4 lacs. Can the assessee claim short term capital loss of 0.75 lacs on the structure sold to A?
CA Tilak Raj Sharma
(Expert)
09 March 2009
Yes, Loss can be claimed.
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