CAPITAL GAIN
This query is : Resolved
25 November 2008
cOST OF LAND PURCHASED IN 86-87- 2.25 LACS
COST OF CONSTRUCTION OF BLDG IN 99-00- 12.00 LACS(ON WHICH DEP CLAIMED EVERY YEAR )
LAND & BLDG SOLD IN 07-08 - 39.50 LACS
MY QUERY IS WHETHER THERE WUD BE LONG OR SHORT TERM CAPITAL GAIN AND HOW MUCH ????????
COST OF CONSTRUCTION OF BLDG IN 99-00- 12.00 LACS(ON WHICH DEP CLAIMED EVERY YEAR )
LAND & BLDG SOLD IN 07-08 - 39.50 LACS
MY QUERY IS WHETHER THERE WUD BE LONG OR SHORT TERM CAPITAL GAIN AND HOW MUCH ????????
25 November 2008
You can follow the judgement given in the case "C.I.T. Vs. Yamuna Syndicate Ltd.".
When a single assets like the building is transferred, consideration has to be approtioned between the depreciable portion i.e. building and non-depreciable i.e. Land for implemanting section 50.
So Long term capital gain on sale of land and short term capital gain on sale of building.
When a single assets like the building is transferred, consideration has to be approtioned between the depreciable portion i.e. building and non-depreciable i.e. Land for implemanting section 50.
So Long term capital gain on sale of land and short term capital gain on sale of building.
25 November 2008
Continuing Tilak, you may also refer the case law CIT Vs Dr.D.L.Ramachandra Rao (1999) 236 ITR 51 (Mad).
27 November 2008
Thanx for the reply ..........
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
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Unregistered suppliers utility
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- Difference between Date of Payment and Date of Deduction?
- ITDS U/S.194T of Firm
- TDS AND ITR ISSUE
- EXPORT COMMERCIAL INVOICE HSN CODE
- FCRA 6 E- Intimation
- URGENT-Eligible leaves being shown as 24 days for 3 years Articleship instead of 156 days in 108
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
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
