Capital gain
This query is : Resolved
Jayesh Doshi
(Querist)
30 March 2016
1. industrial gala purchase of Rs.11Lacs in FY 2003-04 for business in the name of individual.
2. upto FY 2007-08 depreciation claim @ 10% on above mention industrial gala.
3. in FY 2008-09 business closed & gala given on rental basis
4. in FY 2015-16 gala sale of Rs. 45Lacs.
5. new office purchase of Rs. 55Lacs.
my question is how to calculate capital gain on above fact ?
2. upto FY 2007-08 depreciation claim @ 10% on above mention industrial gala.
3. in FY 2008-09 business closed & gala given on rental basis
4. in FY 2015-16 gala sale of Rs. 45Lacs.
5. new office purchase of Rs. 55Lacs.
my question is how to calculate capital gain on above fact ?
Amol S Joglekar
(Expert)
30 March 2016
please confirm if the rent received was being shown under "income from house property" OR "income from other sources"
Jayesh Doshi
(Querist)
07 June 2016
rent received was shown under the head of "Income from House Property""
pl advise
pl advise
Amol S Joglekar
(Expert)
07 June 2016
it is a short term capital gain. = 45lakh - depreciated value of industrial gala.
if the office is purchased by the individual for the same business, the value of 55 lakh would be added to block.
if the office is purchased by the individual for the same business, the value of 55 lakh would be added to block.
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Jayesh Doshi
(Querist)
09 June 2016
Amolji Sir,
Thank you for advise
Thank you for advise
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