Capital gain

This query is : Open

Rahul (Querist)
Follow

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????

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

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.

Rahul

Rahul (Querist)
Follow

24 February 2014 but in present case my cost will be zero or (-4 lacs)

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

SHYAM SUNDER GULATI

Shubham Jain

Aakash Kumar

Tia Blair

yadagiri

Subscribe Now

Capital gain

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Article Assistant

GST CONSULTANCY

Accountant

Manager- Finance and Compliance

CA Final

GST CONSULTANT