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Capital gain

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(Querist)
13 July 2016 Suppose one person has received in cash rupees 2500000 for giving possession of rented commercial shop which he/she has acquired 60 years ago on rent. He/she was paying rent in court as per Law. How tax compliance will be there on such amount?
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Shubham Gupta

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Shubham Gupta (Expert)
13 July 2016 the amount received on surrender of tenancy is subject to capital gains tax.
t deductions under section 54EC, 54F. can be applied
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Limdiwala Zuzer

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Limdiwala Zuzer (Querist)
13 July 2016 Sir, how i will determine acquisitin cost in capital gain?
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Shubham Gupta

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Shubham Gupta (Expert)
13 July 2016 acquisition cost will be nil. or if any cost paid.
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Limdiwala Zuzer

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Limdiwala Zuzer (Querist)
13 July 2016 Which type of cost will become a part?
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CA. Sunil Gokhale

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CA. Sunil Gokhale (Expert)
14 July 2016 Cost is the amount paid to previous tenant to acquire his right.
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