Capital gain

Tax queries 235 views 10 replies
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Finance Executive
51 Points Joined May 2017

I have sold my home which was purchased in jan 2011 and inflation index value was 711 and purchased price was 1050000. Now in april 17 i have sold it for 1450000 and inflation index rate is 1125, how much liability of capital gain i have attracted please let me know.

 

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On 17 May 2017 at 22:05 Report
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CA Practice
3577 Points Joined September 2012
Since your home shall be considered as a long term asset the capital gain will be as follows = 14500000-10500000*(1125/711) = 14500000-16613924 = loss of Rs. 2113924
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On 17 May 2017 at 22:45
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CA Practice
3577 Points Joined September 2012
Please file your IT return on or before due date to claim benefit of set off.
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On 17 May 2017 at 22:46
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Finance Executive
51 Points Joined May 2017
How can i claim this loss. What benefits are there in income tax
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On 17 May 2017 at 22:51
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CA Practice
3577 Points Joined September 2012
You can claim loss by filing your income tax return on time. Benefit would be that if in future you earn any short term or long term capital gain which is chargable to tax, would be set off against this capital loss and you would not be required to pay tax on that. Hence tax savings for you in future.
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On 17 May 2017 at 23:08
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12244 Points Joined May 2017
long-term capital loss can be set off against long-term capital gains only. correct me if iam wrong
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On 17 May 2017 at 23:33
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CA Practice
3577 Points Joined September 2012
You are right. My mistake. Though long term capital gain set off would be available.
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On 17 May 2017 at 23:37
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Practising CA
8944 Points Joined December 2013
Long term Capital loss of Rs.211392. @ studentsca - Take One zero less in your calculation. File income tax return by 31st July 2018 to claim the loss and which can used for set off OR set off and
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On 18 May 2017 at 01:01
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Practising CA
8944 Points Joined December 2013
.... set off and carry forward subsequently.
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On 18 May 2017 at 01:01
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Finance Executive
51 Points Joined May 2017
Is there any need to open an account in capital account scheme to deposit money .
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On 18 May 2017 at 17:33
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CA Practice
3577 Points Joined September 2012
It is done in case of Capital Gain. In your case it is loss, so no question of opening that account.
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On 18 May 2017 at 17:47

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