If a person has purchased flat without sale of any flat. This case purchased flat entry is neccessary to show in capital gain schedule?
Kapadia Pravin
(17254 Points)
Replied 08 October 2019
Suresh Thiyagarajan
(Student)
(3986 Points)
Replied 08 October 2019
1. Capital gain will arise only when there is a sale of capital assets resulting in gain.
2. In your case, you have just made a purchase and that way it will never affect your tax liability. Update needs to be made in the FA schedule with capitalization cost.
Please correct me if the above solution has an alternative view.
deepak
(PCS)
(424 Points)
Replied 25 November 2019
fixed assets schedule on income tax return form??
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