Dear Sir,
I have booked under construction flat for Rs. 25 lac and make booking amount of Rs. 7.5 lac on 25th November 2016, but after some personal reason I will cancel booking and ask for refund of booking money. According to agreement builder deduct 10% of consideration value of flat, service tax and legal charges 1%. So after deduction he refund me Rs. 4.55 Lac on 22nd March 2017.
So now how can I show this loss in Income Tax. Please give details that in ITR3 where and under which head I show this loss, is it adjustable with other income or it will carry forward to next year. Please clarify it. Thanks
Sunil Agarwal
1 Answers
Dear Sunil,
I believe that the advance amount forfeited by the buyer can not be allowed to be claimed as a 'capital loss'.
You may also check this with a CA.
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