Capital gain
This query is : Resolved
D.SRINIVASULU REDDY
(Querist)
03 December 2015
This Building Assets is Personal
I Sale of Building of Rs.2.60 Cr
Sale of Furniture of rs.30 Lacks
In Sale Deed we are not include the Furniture and fittings. this we made Separate Agreement.and same is disclosed in Long Term Capital Gain.
Total sale Value 2.90 Crs
Less Cost 1.00 With Index
-----
1.90
Investment 2.10 Crs
This Officer is saying Furniture sale Income have to Shown in the INCOME FROM OTHER SOURCES.Not in Capital Gain. but we have Separate Agreement and same is disclosed in Capital gain. Please clarify and send me any Case Law about this type of case. Please send me reply this office is correct or My argament is correct. Please give me reply sir
I Sale of Building of Rs.2.60 Cr
Sale of Furniture of rs.30 Lacks
In Sale Deed we are not include the Furniture and fittings. this we made Separate Agreement.and same is disclosed in Long Term Capital Gain.
Total sale Value 2.90 Crs
Less Cost 1.00 With Index
-----
1.90
Investment 2.10 Crs
This Officer is saying Furniture sale Income have to Shown in the INCOME FROM OTHER SOURCES.Not in Capital Gain. but we have Separate Agreement and same is disclosed in Capital gain. Please clarify and send me any Case Law about this type of case. Please send me reply this office is correct or My argament is correct. Please give me reply sir
08 December 2015
See furniture is not a capital asset hence its sale is not capital gain. For capital gain calculation indexation will be available only in respect of building and not on furniture.
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