Capital gain
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 August 2012
I have purchased a domestic private limited company and paid total amount Rs. around 2 Crore in April 2009, the company has only one house property has book value Rs. 20 (purchase by the previous owner in April 1994) Lacs only the indexed cost of acquisition as on day is around 60 lacs.
My questions are:
1.What is the value of the property 2 Crore or 20 Lacs, for calculating capital gains.
2. beginning year for the calculation of cost of acquisition.
3. I am not selling company but only building in this company.
4. My Sales Price is 4 Crore.
5. is there any capital gain?
I have purchased a domestic private limited company and paid total amount Rs. around 2 Crore in April 2009, the company has only one house property has book value Rs. 20 (purchase by the previous owner in April 1994) Lacs only the indexed cost of acquisition as on day is around 60 lacs.
My questions are:
1.What is the value of the property 2 Crore or 20 Lacs, for calculating capital gains.
2. beginning year for the calculation of cost of acquisition.
3. I am not selling company but only building in this company.
4. My Sales Price is 4 Crore.
5. is there any capital gain?
27 August 2012
1. The capital gain arises in the hands of the COMPANY and NOT in your hands.
This is becuase you are the owner of the shares in the company. You are NOT the owner of the assets of the company.
The company itself is the owner of the building.
2. The cost of acquistion of the building is Rs. 20 lakhs. It will be indexed.
NB: Rs. 2 crore is the cost of acquisition of the shares of the company, NOT the building.
3. Capital gain of Rs. 1.4 crores shall arise in the hands of the company.
This is becuase you are the owner of the shares in the company. You are NOT the owner of the assets of the company.
The company itself is the owner of the building.
2. The cost of acquistion of the building is Rs. 20 lakhs. It will be indexed.
NB: Rs. 2 crore is the cost of acquisition of the shares of the company, NOT the building.
3. Capital gain of Rs. 1.4 crores shall arise in the hands of the company.
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
- CAPITAL GAIN BASE ON NOTIFICATION
- Form 140 tds
- NRI starting business in India
- ADVANCE PAYMENT OF ADVOCATE
- ITDS U/S.194T of Firm
- Unregistered suppliers utility
- Eway bill not cancelled within 24 hous what can be due
- EXPORT COMMERCIAL INVOICE HSN CODE
- Filling ITR - U
- UNWANTED CREDIT BALANCE OF GST AS PER BOOKS
- REGARDING ANNUAL RETURNS FILLINGS OF A COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- CREDIT NOTES WITHOUT GST
- Taxable or Tax exempt
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- 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
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
