Calculation of ltgc
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
16 November 2016
Dear Experts,
In 2011 i have purchased the land Rs 2867000/- and constructed the factory on it & spend Rs. 746209/- of its construction in the same year however as per IT act. Dep is allowed on factory building Not on land value. Since the factory building is depreciable assets hence No benefit of CII shall be available on sale of factory building but pls clarify weather benefit of CII will be available on sale of land Non depreciable assets,
Regds
Amit Chahar.
In 2011 i have purchased the land Rs 2867000/- and constructed the factory on it & spend Rs. 746209/- of its construction in the same year however as per IT act. Dep is allowed on factory building Not on land value. Since the factory building is depreciable assets hence No benefit of CII shall be available on sale of factory building but pls clarify weather benefit of CII will be available on sale of land Non depreciable assets,
Regds
Amit Chahar.
16 November 2016
CII can be availed on land.
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