Dear Sir,
I have sell residential house of Rs.55,00,000/- in F.Y. 2021-22 which was purchase in F.Y. 2014-15 of Rs.47,00,000/-.
then , for tax saving purpose ,can I bought residential house of Rs.8,00,000/- only (capit gain portion) or will require full amount of Rs.55lakh investment mandatory.
please guide me.
Menu
LTCG from house property
Replies (3)
You do not need to invest anything as your indexed cost of acquisition is above 62 lakhs so you have capital losses of Rs 7 lakhs which you can carry forward and take the benefit in subsequent years. For detail understanding check your inbox.
Sir you sold the property after 2 years of holdings, so the CG will be long term and indexed cost of acquisition is used for calculating LTCG.
In your case Indexed cost is 6149167 i.e. 47lakhs*317/240 and Long Term capital loss will be 649167 i.e sales consideration less indexed cost.
In your case Indexed cost is 6149167 i.e. 47lakhs*317/240 and Long Term capital loss will be 649167 i.e sales consideration less indexed cost.
Agree with all previous comments. Please note, if you have not filed your return within the due date, then you will not be able to carry forward these long term capital loss.
Recent Threads
- Utilizing Capital gains in new home construction
- Hi i have some doubt about my microsoft exam?
- Period of holding of residential flat and its acqu
- ITRs for AY 2025-26 filed in September 2025 not pr
- Heard & Seen Around – Your Daily Economi
- Best NISM course for an Accountant
- Calculate IT on LTCG AND STCG for the FY 2025-26
- Heard and Seen Around - Your Daily Economic Quick
- Returning to India - Residency confusion
- About CMP-08
Related Threads
CAclubindia
