Section 54G
This query is : Resolved
22 September 2008
Assessee shifted a industrial factory from Mumbai to a rural area.
Sold the assets of Mumbai factory and booked a capital gain of 10 lac in FY07. But took full exemption u/s 54G as he invested 20 lac for rural industrial factory. But in next two years say in FY09, he sold the rural factory also for 25 lac.
What will the taxable Capital in FY09 - will it be 15 lac or full 25 lac?
Sold the assets of Mumbai factory and booked a capital gain of 10 lac in FY07. But took full exemption u/s 54G as he invested 20 lac for rural industrial factory. But in next two years say in FY09, he sold the rural factory also for 25 lac.
What will the taxable Capital in FY09 - will it be 15 lac or full 25 lac?
22 September 2008
The cost of establishing the rural factory will be reduced by amount equallent to exemption already taken.
In your case The cost of rural industrial factory Rs 20 lacs will be reduced by Rs 10 Lacs (exemption already taken) thus capital gain would be Rs (25-10)= 15 Lacs.
In your case The cost of rural industrial factory Rs 20 lacs will be reduced by Rs 10 Lacs (exemption already taken) thus capital gain would be Rs (25-10)= 15 Lacs.
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
- Is this income indian or foreign income?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Sale of property furniture sale
- RCM INVOICING FROM NOV-2024
- Tds on building rent monthly
- Darpan registration
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- 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
Trending Online Classes
CAclubindia
