Sold house (no gain), first time itr filing advice

I think you should file return even if she has no other income because house property loss can be carry forwarded to next 8 year and also if you have any income in future then even that can be settled with this loss. also your loss amount will increase as indexation would be done on cost of the property which would increase cost and increase loss as well
So I recommend you should file return

I think sec.50C would be attracted in your case. As per this section if the sale price of a capital asset is lower than the stamp duty value, then the stamp duty value shall be taken as full value of consideration for the purpose of computing the capital gain. Hence, in that case you may have the liability to pay tax.

You can declare the actual sale price in your return & claim the long term capital loss on your own, but if the department does scrutiny of your return and send you notice, in that case department may give the treatment as per Sec.50C as I told in the above mentioned paragraph. In that case, the claimed loss can become the gain and you may have to pay tax on the same with interest.

Dear Mehta,

Thank you very much for your advice. I shall prepare the ITR. I think I need to use ITR2. Am I correct?

Vamsi 

Dear Kundu

Thank you very much for your detailed clarification. I am bit confused with "stamp duty value". In our sale there is no difference between the actual price and "stamp duty value". The sale happed through bank loan. 

What I mean by 'no gain" is that we purchased the flat for 30 Lakhs and sold it for 28.5 Lakhs after 10 years.

Please clarify.

Vamsi 

Originally posted by : Scientific Advisor
	Dear Kundu Thank you very much for your detailed clarification. I am bit confused with "stamp duty value". In our sale there is no difference between the actual price and "stamp duty value". The sale happed through bank loan.  What I mean by 'no gain" is that we purchased the flat for 30 Lakhs and sold it for 28.5 Lakhs after 10 years. Please clarify. Vamsi

 

Stamp Duty value means the value upon which the stamp duty has been paid by the buyer for purchasing the property.

Thank you very much for your clarification.

 

yes I think you should file ITR 2. .. if there is no other income .... even ITR 1 can be filed for house property income