Cgt consequences of demolishing your home and selling srcap of the house
govind (ca) (16 Points)
19 December 2016
Plz tell me asap.
6 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177736 Points)
Replied 19 December 2016
What was the treatment? investment or depreciable asset? Sold with any gains or loss?
govind
(ca)
(16 Points)
Replied 19 December 2016
Dear Sir,
I have purchased a land in 2006. and on it i made a house by spending 455000
now the i demolished my building on 1-4-2015 and scrape of it i have sold for Rs.400000.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177736 Points)
Replied 19 December 2016
Do you have all the bills related to spending of 4,55 L ?
Does the amount include land cost?
Can you sagregate cost of building from land?
govind
(ca)
(16 Points)
Replied 19 December 2016
yes i have all bills
no Amount of land is separate
yes i can segregate cost
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177736 Points)
Replied 19 December 2016
Assuming you have retain the land, you have different options to adjust the loss of 55 K, as LT capital loss, or even loss from other sources which can be adjusted against any of your other income.
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