Apportionment of sale amount of land and building
This query is : Resolved
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
(Expert)
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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05 April 2019
Thank You Sir for taking up this query and offering very clear opinion..
..Regards for you
..Regards for you
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