I have sold a residential property in April 2023. I have recently booked a flat in an under construction residential apartment project and signed the "Agreement for Sale" where the possession date is mentioned as December 2024. I have already used the funds from the capital gains to pay the builder while booking the flat.
I am assuming there might be some delay in handing over the flat but I am still hoping that I will get the possession by March 2025 so I can do the registration before April 2025 to claim the LTCG exemption under Section 54.
I want to clarify if the LTCG exemption window is for 3 years after the property sale (i.e. till Apr 2026) since the new property is under construction or it will be 2 years (i.e. till Apr 2025) since I am not constructing the house myself, rather buying an under construction flat from the builder.
2000 Shares of ABC Company bought in Aug-2017 for Rs 88 per share, was split/ subdivided in Dec-2019, 10 times and it became 20000 shares. Today the share price is Rs 32 per share. If I sell 1000 shares now how will I calculate the gain - what share rate will I take for Cost of Acquisiton (CoA). Can I follow FIFO and take the CoA as 1000x88 = 88000 and Sale Value being 1000x32 = 32000 and proceed? And continue to follow FIFO for future sale. The 1st 2000 shares will have a rate of Rs 88/share for CoA and beyond that the CoA will be zero.
MR X FIRM SOLD OLD MACHINERY RS.10.62,000- WITH GST RATE OF 18% AS ON 22.10.222( SALES VALUE RS 9,00,000 AND GST RS.1,62,000/- THE MACHINERY BOOK VALUE AS ON 01.4.2022 RS. 10,50,000/-. THE SAME MACHINERY PURCHASES AS ON 15.09.2020 RS.16,00,000 WITH GST..DIFF VALUE RS. 150,000/- AND LOSS OF CHARGED IN PL A/C OR TR TO PARTNER CAPITAL A/C
I have made debit sale of Rs. 3,50,000/- on 20.09.2023 to a person against which I purchased old goods worth Rs. 50,000/- from him. He paid remaining Rs. 1,50,000/- in cash and Rs. 1,50,000/- through NEFT on 24.09.2023 and thus on 24.09.2023 his account is settled in my books of accounts.
Now can I again sale him goods worth Rs. 75,000/- on 02/10/2023 and received cash against the same bill?
As per section 50 of the income tax act if the block still exists, the sale of asset will not be taxable.
But when we sell a particular asset the will be profit or loss in the P&L a/c.
I want to ask the taxation of the profit shown in the books.
and if not taxable , how should we show it in ITR 6, should i even show it in P&L ?
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