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Loss calculation of Property

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Naresh Lathia

Sr.Accountant

40 Points Posted on 08 April 2021

I have purchased 1BHK for CV of 45,92,908/- plus same time i have paid Reimbursement of Exps for 94,350/- and Maintenance Related amt. for 176,522/- including estimated property tax of 1622/- And i have sold it for Rs.33 Lacs on 08/02/2021. I Have paid brokerage of 33K on sales. Sir how to calculate capital loss on the above, as i have to file return and to get my refund of TDS around 3.50 Lacs which is deducted by the ICICI Bank from buyers side. Its showing in 26AS. Pls help me. I have purchased on 05/06/2018.

Replies (1)

CA Puja Sharma

Chartered Accountant

5010 Points Posted on 08 April 2021

Assuming you are selling the property after 24 months - then it will be long term capital loss.

Calculation of Loss

Sale Value = 33 Lacs (1)

Cost with indexation = (Price paid at the time of purchase +any any other expenses paid at the time purchase)/CII of year of purchase x CII of year of sale. (2)

Long term capital loss = (1) - (2)

Maintenance expenses and property tax will not be considered under cost because that is not of capital nature