Capital gain on sale of ind. Land building
This query is : Resolved
18 August 2023
An assessee filing ITR on Presumptive Income basis sold industrial land and building for 40 lakhs during ay 23-24. Land was purchased for 3 lakh during financial year 2008-09 and building was constructed during financial year for Rs. 15 lakhs. Please suggest basis of capital gain considering indexation and depreciation issue.
18 August 2023
What is the WDV of building?
18 August 2023
Building was constructed during financial year 2008-2009 hence it's WDV is about to nil.
18 August 2023
Get valuation report of the building, that will be your short term gain of building.
Remaining part from sell value will be sell price of the land. Gain after deducting indexed cost of land will be LTCG.
Remaining part from sell value will be sell price of the land. Gain after deducting indexed cost of land will be LTCG.
10 September 2024
Good Luck.
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