Tax on capital gain
This query is : Resolved
27 November 2012
Dear Experts,
Our Company sold Land & Building in FY 2012-13
Land Purchase Cost 7129422.00 (Rs.13119368.00 index price)
Sold at 90762000(after deducting Brokerage)
Building and other assets WDV
Building WDv as per IT 12125435.23
Furniture 352526.00
Electrical inta. 422260.00
Elect Deposit -813000
Factory Equipments WDV 38700
Total 13751921.00
Sold at Rs. 2,25,00,000.00
Please help us to calculate minimum tax on capital gains
Our Company sold Land & Building in FY 2012-13
Land Purchase Cost 7129422.00 (Rs.13119368.00 index price)
Sold at 90762000(after deducting Brokerage)
Building and other assets WDV
Building WDv as per IT 12125435.23
Furniture 352526.00
Electrical inta. 422260.00
Elect Deposit -813000
Factory Equipments WDV 38700
Total 13751921.00
Sold at Rs. 2,25,00,000.00
Please help us to calculate minimum tax on capital gains
27 November 2012
1.land being not a depreciated asset, capital gain shall be -
Rs. 90762000-13119368= Rs. 77642632
(it should be a long term asset, capital gain would be chargeable to tax @20%)
2.For calculating capital gain on depreciable assets you need to have actual cost of assets in each block.
Selling price over and above the actual cost will be capital gain(short term always, no indexation)
Rs. 90762000-13119368= Rs. 77642632
(it should be a long term asset, capital gain would be chargeable to tax @20%)
2.For calculating capital gain on depreciable assets you need to have actual cost of assets in each block.
Selling price over and above the actual cost will be capital gain(short term always, no indexation)
27 November 2012
yes, agree with mr. amit
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
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Should I report my US salary for January, February, March in Schedule FA?
- GST ON EXPORT COMMISSION
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Sale of property furniture sale
- Confusion around Form 26QB fields
- Adjustment entry in the case of Individual and HUF on 31st March
- Stock difference tax applicable on composite rate or normal rate
- 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 ?
Trending Online Classes
CAclubindia
