Sir I have foll.question regarding sell of shop kept as investment since last 5 years or more-
I was earn monthly rent of my own shop and I was showed in my tax return. I was buy this shop of Rs.8,lacs (as per sales deed, actually I was paid in total of Rs.12 lacs at that time) now today I have plan to sell this shop and its market value around 20 lacs. I have foll. Question- Capital gain tax applicable on sell of shop in this year?? How much cost of purchase i.e Rs. 8 lacs or Rs.12 lacs?? I will have to plan to make sale deed for sell of this shop around Rs.15 lacs and remaining balance amount of Rs. 5 lacs will pay in cash by new buyer, is it possible? I have to make sales deed full amount of shop i.e Rs.20 lacs? What is sales consideration for me i.e Rs. 20 lacs or Rs.15 lacs?? Legal expenses incurred during buy and sell of shop is eligible as expense while calculation capital gain tax?? What is the Capital Gain Tax Rate for fy-2022-23??
Request to give answer of my all doubt at earliest
12 July 2022
1 yes capital gains tax applicable in this year. 2 8 lacs will be considered. Indexation can be applied. When you buy the shop. 3 Cash payment not possible. 4 Make sale deed for 20 lacs. 5 20 lacs. 6 Legal expenses can be claimed. 7 20% tax payable after indexed cost is deducted.
12 July 2022
Sir, Suppose I have to make sales deed of Rs.15 lacs and rs.5 lacs I will taken cash and used to buy house hold items then what happened??? I will calculate capital gain tax on 15 lacs only??
CAclubindia
