Capital gain on sale of Factory land and building
This query is : Open
27 June 2009
the assesee sold factory land and building of a proprietary concern which was closed since last five years. cost of land and bldg is seperately shown in books. whether sale of land would be taxable as long term gain with indexation and bldg taxable as short term gain at deemed WDV u/s 50C(as unit closed for 5 years)
29 June 2009
Hi Anil,
It is important to note how u have filed your earlier returns. Whether you have closed the books of accounts before 5 years & transferred all the assets to capital account or still you are showing the factory land & building to the asset side of business balancesheet even though no business is going on? Have you claimed the depreciation in earlier years? mail me details on ratansharma123@rediffmail.com
It is important to note how u have filed your earlier returns. Whether you have closed the books of accounts before 5 years & transferred all the assets to capital account or still you are showing the factory land & building to the asset side of business balancesheet even though no business is going on? Have you claimed the depreciation in earlier years? mail me details on ratansharma123@rediffmail.com
29 June 2009
Hi Ratan,
we have claimed depreciation in the earlier years, however, its balance sheet is showing status quo since the date it has closed. Its other proprietory concern is claiming dep. on assets excluding this unit since it is closed.
we have claimed depreciation in the earlier years, however, its balance sheet is showing status quo since the date it has closed. Its other proprietory concern is claiming dep. on assets excluding this unit since it is closed.
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?
- ITC temporary reversal and reclaim
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Disallowance of Section 43B(h) to sez units
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Sale of property furniture sale
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Redevolpment of bldg in mumbai
- Refund of AY 22-23
- 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
Trending Online Classes
CAclubindia
