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How to adjust Capital loss from sale of flat for salaried individual

Tax planning 340 views 3 replies

Hi,

 

I've a residential flat which I bought for lets say 30 Lacs. So far I've paid interest of 10 lacs and the flat market price is now 22 lacs. If I sell this flat I'll be at a net loss of 18 lacs (10 lacs interest and 8 lacs depreciation in price). Can I set off this loss of 18 lacs against the capital gains from sale of securities (shares) long term or short term.

Kindly note I'm a salaried individual.

Pls advice. Thanks 

Replies (3)
Yes go ahead please do it.
@ Chetan how interest paid become part of cost of improvement? please give your views
You cannot set off it against salary, you can carry forward that loss for next. 8years


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