Capital Gain
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 February 2011
We had purchased one shop in 2005 and paid Rs. 1200000.00 as full consideration to the seller. I got possession of the shop and rented the same . Since then I am offering rental income for taxation.
But conveyance deed was not executed between us. Now seller want to make sale deed.
As per Stamp Act of Maharastra , the valuation of the said shop is RS. 4200000.00 and I had to pay stamp duty on Rs. 4200000.00. My question is as under :-
1)Seller is liable to pay capital gain tax on Rs. 1200000.00 or Rs.4200000.00 ?
2)For capital gain tax whether it is necessary to execute sale deed or handover of possession is sufficient ?
3) If sale is deed is necessary then what will be treatment of rental income shown in my return ?
Please guide.
But conveyance deed was not executed between us. Now seller want to make sale deed.
As per Stamp Act of Maharastra , the valuation of the said shop is RS. 4200000.00 and I had to pay stamp duty on Rs. 4200000.00. My question is as under :-
1)Seller is liable to pay capital gain tax on Rs. 1200000.00 or Rs.4200000.00 ?
2)For capital gain tax whether it is necessary to execute sale deed or handover of possession is sufficient ?
3) If sale is deed is necessary then what will be treatment of rental income shown in my return ?
Please guide.
05 February 2011
1. Seller to pay Cap gain tax on the basis of Rs. 42 lakhs consideration.
2. Execution of sale deed is not necessary, But tax will be calculated on the basis of Value as per Stamp.
3. Rental income is taxable without the sale deed.
2. Execution of sale deed is not necessary, But tax will be calculated on the basis of Value as per Stamp.
3. Rental income is taxable without the sale deed.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Capital Gail Exemption Certificate
- Taxation of crypto futures in India Fy 2026- 2027
- MSME disclosure and disallowance
- EPF ECR NEW RULES Sep 17th 2026
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Accounting treatment of AMC alongwith the purchase of Laptop
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
