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Dealing in ultra-luxury apartments might not turn out to be good all the time. You may be happy while you bought it. However, selling those off could become an issue. The driving force for you to sell off your ultra luxury apartments in Chowringhee or elsewhere is to buy another apartment or simply earn some good money.
However, incurring loss in the process is also something that you cannot rule out.
Losses occur to people with the truest of endeavors also. In the event you liked this informative article and also you want to get more information regarding High Line Pointe generously check out our own web-site. The principal of natural justice, on the contrary, provides set off for the losses incurred.
Types of adjustment:
The taxation laws of our country recognize such losses and provide adjustments for the same. Nevertheless, there are some conditions to be fulfilled in order to rule out the possibilities of misuse of the opportunity.
- Intra-head Adjustment: If a loss incurred from a source under a particular head of income, in this case dealing in properties, is being adjusted against the income acquired from the profit of another source, in this case another property sold by you, under the same head of income, then it is called an intra-head adjustment.
- Inter-head adjustment: Inter-head adjustment is the next step to intra-head adjustments. If the taxpayer incurs loss under one head and earns profit under another, then the payer can adjust the loss incurred under one head against the income of another head.
For example, a loss under property dealing can be adjusted against the income from the salary earned/ money earned from a business.
- Carry Forward: The loss incurred in this year can be carried forward to the next year if the losses remain unadjusted even after going through intra-head and inter-head adjustments.
A lot of people wish to know, how many years the losses can be carried forward. Generally, there is no restriction. But it has to be set off against any other income (not the salary or business) in the subsequent years.
Exceptions in setting off losses
To prevent misuse of the loss set off laws, there are some exceptions depicted by the tax department. Those are as follows:
- Setting off losses from speculation business, in this case property dealing, against the profit earned from a non-speculation business (business transactions offering large gains at a time) is not permitted.
- Long Term Capital Loss can be set off against Long Term Capital Gain only.
- Losses cannot be set off and no expense can be claimed against casual income (racing, lotteries etc.)
Setting of losses incurred from selling your ultra-luxury apartments is not really a difficult thing. It is advisable to consult an income tax lawyer to provide intricate details depending on the situation at hand.
When you find the lawyer, make sure that you are contacting the person with somebody&&9;s reference. Only talk to someone who has handled cases like this in the past. Do not hide any information from the lawyer. Hiding anything is not going to help you in the long run. Try to work the situation out as amicably as possible.