02 July 2022
Dear Sir, we have purchase one office in 1st August 1988 for Rs.318500 in the name of Partnership firm . We are getting Rs. 1,60,00,000 if we should sale it Market value in August 2001 was Rs. 9245000. what would be capital gain tax ? If we should build new building or purchase new office would cost around Rs. 1500000 in partnership firm, can we save capital gain tax ?
02 July 2022
The present capital gains index is 331. Apply this index on 92,45,000 the indexed cost is 3.06 crore so capital gains tax will not arise as sale value less than indexed cost.
05 July 2022
Dear Sir Thanks for your reply. we are getting rent on this assets and also we have claimed depreciation on this assets. still it will fall under long term capital gain we sale it ? and we should do indexing while calculating capital gain tax ?
CAclubindia
