Apportionment of sale amount of land and building

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rmalhotra (Querist)
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03 April 2019 Land with building thereon is sold and sale consideration is received. Building is depreciable asset as per books. Now how sale proceeds are to be apportioned towards Land and Building to calculate Long Term and Short Term capital gains

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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05 April 2019 In the sale deed if there is no clear bifurcation of the sales consideration as regards the land and as regards the building then it is going to be a debatable issue. The simplest method for the same is to divide the consideration in proportion of the cost of the land and WDV of the building as it stands in the books just before transfer/sale.

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rmalhotra

rmalhotra (Querist)
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05 April 2019 Thank You Sir for taking up this query and offering very clear opinion..
..Regards for you

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