Capital Gain
This query is : Resolved
24 December 2008
A Land of 5000 Sq ft is given a Developer & Builder in 2004-05 for Development and the consideration for the said land was a Flat of 1000Sq ft and a Shop of 300 Sq ft in the same Premises of Land under development.
Value of Both is Considered in the Agreement Flat 1000 Sq Ft 1250 1250000,Shop 300 Sq Ft@4000 1200000/-
Total Consideration 2450000/-
Possession of both Flat & Shop is received in 2007-08
Question
1) Whether Transaction is Subject to Capital gain or Business Income?
2) If Capital Gain in which year the Income is Chargeable to Tax whether 2004-05 or 2007-08?
3) Sale Consideration As per Agreement in year 2004-05 is Rs. 24.5Lakh but the value for the same in 2007-08 is 29.Lakh Which Sale Value to be considered?
Value of Both is Considered in the Agreement Flat 1000 Sq Ft 1250 1250000,Shop 300 Sq Ft@4000 1200000/-
Total Consideration 2450000/-
Possession of both Flat & Shop is received in 2007-08
Question
1) Whether Transaction is Subject to Capital gain or Business Income?
2) If Capital Gain in which year the Income is Chargeable to Tax whether 2004-05 or 2007-08?
3) Sale Consideration As per Agreement in year 2004-05 is Rs. 24.5Lakh but the value for the same in 2007-08 is 29.Lakh Which Sale Value to be considered?
25 December 2008
1) Trnsaction is subject to Capital gain. no question of business income here.
25 December 2008
2) Capital gain is chargeable to tax in the year 2004-05, as the agreement take place in 2004-05.
25 December 2008
3) Sale Consideration will be the value decided at the time of agreement i.e. 24.50L.
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