Capital gain
This query is : Open
19 February 2014
I have purchased a residential land 10 years before for 8 lacs.
I have enter into an agreement to sell the above property with someone for Rs.45 lacs and i received advance payment of rs.12 lacs.
The purchase had not paid the remaining amount and I have forfieted the above Rs.12 lacs.
Now will Rs. 4 lacs (12-8) will be taxable to me as capital gain????
I have enter into an agreement to sell the above property with someone for Rs.45 lacs and i received advance payment of rs.12 lacs.
The purchase had not paid the remaining amount and I have forfieted the above Rs.12 lacs.
Now will Rs. 4 lacs (12-8) will be taxable to me as capital gain????
24 February 2014
no it wont be taxable in the current year. the taxability shall arise only when the asset is sold. whenever you shall sell the property, the cost shall be reduced by Rs 12 lakhs.
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