Capital gain
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 February 2015
Vacant Site Purchased in 2006-07
Sold in 2013-14
Where vacant situated beyond 8 kms from munipal limit and population less than 10000
whether liable to pay LTCG nor not
Sold in 2013-14
Where vacant situated beyond 8 kms from munipal limit and population less than 10000
whether liable to pay LTCG nor not
19 February 2015
If the vacant site is agriculture land then only it can be treated as non-capital asset. However if it is non-agriculture plot then even if it is beyond 8 KMs, shall be treated as taxable long term capital transaction.
For more clarity you may refer to provisions of section 2(14) of the Income Tax Act 1961.
For more clarity you may refer to provisions of section 2(14) of the Income Tax Act 1961.
19 February 2015
it is agriculture land beyond municipal limit then its exempt from capital gain. otherwise it is taxable.
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
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- TDS on Purchase of Immovable Property by NRI from NRI
- Capital gain from sale of house property
- Multiple trade mark
- Copyright software
- Value of property in capital gain
- Regarding TDS Applicability For Director Remuneration
- FORM 26A APPLICABILITY
- When TDS on GST applied
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
