Addition in value of asset
This query is : Resolved
NARESH KUMAR SHARMA
(Querist)
07 October 2011
Q. During the course of Search value of Jewellery was increased from 4 lac to 5.5 lac by Assessing officer and accordingly tax demanded on Rs. 1.5 lac (5.5-4). the Assessee paid tax on difference.
Can now assessee show the value of Jewellery in his books at Rs. 5.5 lac.
What would be capital gain if he sold such jewellery for Rs. 8 lac.
Can now assessee show the value of Jewellery in his books at Rs. 5.5 lac.
What would be capital gain if he sold such jewellery for Rs. 8 lac.
sumit jain
(Expert)
07 October 2011
Yes he can show jewellery at 5.5lacs as he has already paid tax on the said amount..
If he sells the jewellery at 8lacs then capital gains shall be 2.5lacs(Subject to indexation)
If he sells the jewellery at 8lacs then capital gains shall be 2.5lacs(Subject to indexation)
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