29 May 2012
For reducing sales consideration from block of assets sale consideration should be taken as including statutory dues or excluding statutory dues? Like if sale value of asset is Rs.22.5 lakhs including vat amount of Rs.2.25 lakhs then which amount should be deducted from the block of asset is it Rs.20 lakhs or Rs.22.5 lakhs.
Querist :
Anonymous
Querist :
Anonymous
(Querist)
29 May 2012
Sir, thanks for advice and suggestion.
Sir I want to know about cost inflation index to be considered for the period of Shares Rs.80,000/- purchased by owner e.g in F.Y. 2005-2006 i.e 497 AND SHARES GIFTED IN F.Y. 2007-2008 i.e 551 TO RELATIVE and Gifted shares sold in F.Y. 2010-2011 for 95,000/-,IN THIS CASE IT IS CLEARED THAT Long term Capital Gain to be calculateBY GIFT RECEIVER but i want cost of inflation index of f.y.2005-06 to be taken or cost of inflation ndex of f.y.2007-08 for cost of acquisition?.497 or 551, calculation i.e 80,000x457/711 or 80,000x 551/711, please clarify as per shares received by means of section 49(1).
CAclubindia
