Capital gain on sale of property aginst housing loan (short

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B R Ramesh (Querist)
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23 July 2012 Hi

Mr A purhased a property in 2009-10 for Rs.7400000/- through Housing Loan.

and he sold in 2011-12 for Rs 8500000/-

but he didnt claim interst rs 719677/-u/s 24 (b). for 3 years & principle under 80C

now the gain arises rs 1100000/- as short term.

but he already incurred loss of 719677/- pre closure of housing loan & interst.

NOW THE QUESTION WHERETO ADJUST THIS INTEREST PORTION & HOW TO REDUCE THE TAX.

Amol S Joglekar

Amol S Joglekar (Expert)
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23 July 2012 No. This can not be adjusted. Rs. 11 L is the gain to be offerred to income tax. The pre closure expenses can not be by any stretch of imagination regarded as expenses connected with transfer. In fact this is the reason you need to consult a good tax consultant before entering into the transaction.

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B R Ramesh

B R Ramesh (Querist)
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24 July 2012 Dear Sir

thanks for your info.

atleast can we claim cost of improvement,
and selling expenses like brokarage or commission to the broker ??

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CA.Sourabh Sethia

CA.Sourabh Sethia (Expert)
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24 July 2012 you cannot claim all amount in this F.y.
since they were to be claimed in the respective Year
You Can file Revise Return for the Previous Years
FY 2010-11 (AY 2011-12) till 31.03.2013
And claim such deduction and after revising if you had a loss You can carry forward such loss even if you had not filed return within the due date
You can also claim deduction of such amount in the current Year if you are having the Interest & repayment till the Date of Sale