Land purchase
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
14 August 2017
sIR
*PURCHASE 2002 A LAND RS 250000
* BUILT A BUILDING AND COSTING RS 350000 DT 2008
* NOW SHOWING IN ITR
PLSE SUGGEST ME -PRICE TAKEN IN BALANCE .SHEET
*PURCHASE 2002 A LAND RS 250000
* BUILT A BUILDING AND COSTING RS 350000 DT 2008
* NOW SHOWING IN ITR
PLSE SUGGEST ME -PRICE TAKEN IN BALANCE .SHEET
14 August 2017
Your total income is above 50lakhs then only you ll be show the assets details in ITR.
If less than 50lakhs don't be show it.
If you sell the property at the you calculate the LTCG and pay the tax liability....
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16 August 2017
Show historical cost in your books of account i.e. at Rs. 6,00,0000 (250,000+350,000) + registration and stamp duty cost and other related expenses. In case you employed this in your business and claiming depreciation, then show at WDV of building and land at cost.
As suggested Mr. Raja PM you need not reflect in your IT return, if your total income is less than Rs. 50 lakhs per annum - if you are using the house property for your personal use or rental purpose i.e. not owned by your business / profession.
As suggested Mr. Raja PM you need not reflect in your IT return, if your total income is less than Rs. 50 lakhs per annum - if you are using the house property for your personal use or rental purpose i.e. not owned by your business / profession.
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