Sale of old commercial property
This query is : Resolved
17 July 2024
Dear Sir/Ma'am,
My query is that my client made a commercial complex 20 years back and there was only one shop that was in stock and he sold this shop in 2023-24, now the difference in price is huge so is he bound to pay tax @33% on the difference amount or some indexation benefit is allowed in this case. The assessee is a firm
Thanks and Regards
My query is that my client made a commercial complex 20 years back and there was only one shop that was in stock and he sold this shop in 2023-24, now the difference in price is huge so is he bound to pay tax @33% on the difference amount or some indexation benefit is allowed in this case. The assessee is a firm
Thanks and Regards
18 July 2024
Treat it as capital asset and claim indexation benefit plus 20% long term capital gains tax.
18 July 2024
Thanks a lot Sir but can closing stock shown in the profit and loss account be treated as capital asset and how to show it in the balance sheet
18 July 2024
The conversion of stock-in-trade into capital assets under section 45(5a) shall be treated as a transfer of a capital asset, and the taxpayer shall be liable to pay tax on the capital gains arising from such transfer. The tax liability shall be calculated as per the provisions of the Income Tax Act.
22 July 2024
Dear sir,
I will show it it capital gains but how to show it in profit and loss account, do I need to show it profit on sale of asset and from where should I reduce it again from profit and loss account to show it in capital gains head...
I will show it it capital gains but how to show it in profit and loss account, do I need to show it profit on sale of asset and from where should I reduce it again from profit and loss account to show it in capital gains head...
22 July 2024
Show it as capital gains in profit and loss account.
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