Dinesh (software) (30 Points)
16 February 2015Hi,
I'm software professional.
If we incur loss on long term capital gain (by selling a property) by using indexed pricing of property.
Can we declare loss in our IT declaration in the same year?
Which section needs to be used ?
What documentation is required for showing proof ?
tejaswi ch
(Article Assistant)
(46 Points)
Replied 17 February 2015
yes.. you can show it as long term capital loss in your ITR under the head Capital gains...
Arif Ali
(Apt Co Advisory)
(1230 Points)
Replied 17 February 2015
Hi Dinesh , yes you can show this loss in your ITR and take the benefit of carried forward losses u/s 74.
at the time of filing the return nothing documents is required. it is required only in cases of if department take your case under scrutiny assessment. So you have to keep in record the sale deed for purchase, sale deed for sale it and bank statement or cash payment details in which you have received the payment and paid the payment for purchase
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