Capital Gain
This query is : Resolved
23 March 2011
Good Afternoon to all..I hv a querry.. can anybody tell me the solution pls...........
My Querry is - An Assessee has purchased a land in the year of 2005 for Rs. 178000 and then construct a house on it in the year of 2008 for Rs. 450000. and after that he sold it for Rs. 936000 in the year of 2010. How will we treat the capital gain for the same....
Pls reply its urgent......
My Querry is - An Assessee has purchased a land in the year of 2005 for Rs. 178000 and then construct a house on it in the year of 2008 for Rs. 450000. and after that he sold it for Rs. 936000 in the year of 2010. How will we treat the capital gain for the same....
Pls reply its urgent......
23 March 2011
Land and building may be viewed as separate assets for the purpose of determining LTCG /STCG ,in this transaction, depending on the period of holding of the respective assets.
Madras high court in the Case of Dr. Ramachandra Rao took this view.
Madras high court in the Case of Dr. Ramachandra Rao took this view.
23 March 2011
Thanks B. Chackrapani Sir.....bt can u pls tell me the case and from where i can view for the same?
23 March 2011
If the consideration is composite nature then and assume that Building is a short term capital asset how will be the Capital gain calculation?
23 March 2011
The said case can be referred in [1999] 236 ITR 51 (MAD).
23 March 2011
Can you tell me briefly how we are calculating short term and long term capital asset based on full value of consideration
23 March 2011
For B.Chackrapani- sir i cant understand it.kindly explain it.
and for Vivek Sir - As per my opinion we can devide the sale consideration in the ratio of cost of land and building... isn't it?
and for Vivek Sir - As per my opinion we can devide the sale consideration in the ratio of cost of land and building... isn't it?
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- GST ON EXPORT COMMISSION
- RCM INVOICING FROM NOV-2024
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- ITC EXCESS CLAIM + RCM NOT PAID...BOTH FOR FY 2020-21......PAID IN FY 2024-25....EFFECT
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
Trending Online Classes
CAclubindia
