Capital gain
This query is : Resolved
20 July 2012
If i have a office and i sell it and in same p.y if i have bought the new office than can i get any capital gain exemption for that and yes than under which section and how...?
CA PARAS BAFNA
(Expert)
21 July 2012
WHETHER YOU HAVE CLAIMED ANY DEPRECIATION ON THE OFFICE PREMISES ?
YOUR REPLY - YES.
THEN YOU GET BENEFITED AS YOU CAN DEDUCT THE SALES CONSIDERATION FROM THE BOOK VALUE (WDV AS ON THE FIRST DAY OF THE FY)OF OLD OFFICE PLUS COST INCURRED FOR THE NEW OFFICE.
.
IN CASE DEPRECIATION WAS NOT PROVIDED, THEN YOU WILL NOT GET ANY TAX BENEFIT BY INVESTING THE PROCEEDS OF OLD OFFICE FOR ACQUIRING A NEW OFFICE.
.
YOUR REPLY - YES.
THEN YOU GET BENEFITED AS YOU CAN DEDUCT THE SALES CONSIDERATION FROM THE BOOK VALUE (WDV AS ON THE FIRST DAY OF THE FY)OF OLD OFFICE PLUS COST INCURRED FOR THE NEW OFFICE.
.
IN CASE DEPRECIATION WAS NOT PROVIDED, THEN YOU WILL NOT GET ANY TAX BENEFIT BY INVESTING THE PROCEEDS OF OLD OFFICE FOR ACQUIRING A NEW OFFICE.
.
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