Capital gains
This query is : Resolved
16 August 2011
Assessee : Private Limited Company
Purchase cost of Land (1990) :3,00,000.00
Building (1992) :20,00,000.00
Sale consideration :50 Crores
Can u please provide any tax planning to minimize the tax effect.
Purchase cost of Land (1990) :3,00,000.00
Building (1992) :20,00,000.00
Sale consideration :50 Crores
Can u please provide any tax planning to minimize the tax effect.
16 August 2011
Since its a company you need to first see the things and in respect of block system of the assets...
17 August 2011
In the same block if new asset of the requisite value is purchased, no capital gains will arise.
17 August 2011
If I am not wrong the contention of purchase of new asset in block shall not not be applicable in case of LAND as LAND cannot be depreciated.
In present situation we shall be required to bifurcate the sale consideration into land and building and off course majority of the sale value shall be towards the LAND.
I feel proper planning of hiving of the land into new company and merger of the same with existing PURCHASER company can be one of the options .
Anuj
+91-9810106211
femaquery@gmail.com
In present situation we shall be required to bifurcate the sale consideration into land and building and off course majority of the sale value shall be towards the LAND.
I feel proper planning of hiving of the land into new company and merger of the same with existing PURCHASER company can be one of the options .
Anuj
+91-9810106211
femaquery@gmail.com
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
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- GST on export of services and Input Credit
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- ITC temporary reversal and reclaim
- TDS U/S. 194NF
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Applicable TDS rate for sale of property in Nov 2024
- GST ON EXPORT COMMISSION
- 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
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
