I purchased a flat in Pune @ 42 Lakhs and selling the same @ 31 Lakhs. Can I claim any Tax benefit on the loss incurred
Rajan
Ans: 01. If this is a LTC Loss, then it can be adjusted against LTCG (if any).
02. If it is STC Loss, it can be adjusted with STCG/LTCG, if any.
03. If there is no LTCG or STCG during the year, this loss can be carried forward, for any adjustments against these heads in future up to 8 years.
04. Please note that ITR Filing in time is mandatory for carry forward of loss.
Most welcome for any further clarifications. Thanks.