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.
3 Replies
CA Aakarsh Jain
(CA)
(10431 Points)
Replied 05 September 2022
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.
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 05 September 2022
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.
CA Raj Doshi
(Practising CA)
(8924 Points)
Replied 06 September 2022
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.
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