Tax treatment of building demolished
This query is : Resolved
06 September 2014
what will be tax and accounting treatment of building demolished during the year and no new building is constructed during year??
and will the sale of the scrap from such destruction will be treated as Consideration for computing capital gain??
and will the sale of the scrap from such destruction will be treated as Consideration for computing capital gain??
08 September 2014
may be on scrap value only is to be treated as a kind of capital gain may be under Short term or lpng term if more than three year old!
08 September 2014
may be on scrap value only is to be treated as a kind of capital gain may be under Short term or lpng term if more than three year old!
Here question is demolished structure not sold building demolished structure. in fact here there is no sale and could mean no capital gains unless scrap of demolished structure is sold!
Here question is demolished structure not sold building demolished structure. in fact here there is no sale and could mean no capital gains unless scrap of demolished structure is sold!
18 September 2014
thanks for reply
But there is no transfer of building as building is not sold,its scrap that is sold
so wouldn't it be disallowed ??
But there is no transfer of building as building is not sold,its scrap that is sold
so wouldn't it be disallowed ??
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