Apportionment of sale amount of land and building
This query is : Resolved
03 April 2019
Land with building thereon is sold and sale consideration is received. Building is depreciable asset as per books. Now how sale proceeds are to be apportioned towards Land and Building to calculate Long Term and Short Term capital gains
05 April 2019
In the sale deed if there is no clear bifurcation of the sales consideration as regards the land and as regards the building then it is going to be a debatable issue. The simplest method for the same is to divide the consideration in proportion of the cost of the land and WDV of the building as it stands in the books just before transfer/sale.
Message likes :
2 times
05 April 2019
Thank You Sir for taking up this query and offering very clear opinion..
..Regards for you
..Regards for you
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?
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- GST ON EXPORT COMMISSION
- Should I report my US salary for January, February, March in Schedule FA?
- Sale of property furniture sale
- Confusion around Form 26QB fields
- Adjustment entry in the case of Individual and HUF on 31st March
- Stock difference tax applicable on composite rate or normal rate
- 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 ?
Trending Online Classes
CAclubindia
