Capital gain
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 August 2015
sir, please guide me.
What would be the cost of acquisition if somebody receives damages in the form of house or plot from government on account of natural calamities? and such property is being sold...
thanking you
What would be the cost of acquisition if somebody receives damages in the form of house or plot from government on account of natural calamities? and such property is being sold...
thanking you
04 August 2015
If such componsation received in cash then such amount will be exempt from tax under section 10...
And if such assistances received other than cash like plit of land etc then at the time sale capital gain will arise and cost of acquisition will be NIL...
Thanks
And if such assistances received other than cash like plit of land etc then at the time sale capital gain will arise and cost of acquisition will be NIL...
Thanks
05 August 2015
It is not damages. It is compensation. Cost of acquisition shall be taken as zero.
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