Capital gain

This query is : Resolved

Sam (Querist)
Follow

09 January 2021 I have sold my restaurant business along with the tenancy right for 2000000 in 2020. I have acquired the business in the year 1996 for 50000 . What are the tax implications, capital gain tax etc. Can I apply for 54ec capital gain bonds ?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

09 January 2021 Yes, you can invest the capital gains in 54EC bonds.

Sam

Sam (Querist)
Follow

09 January 2021 But the deduction u/s 54EC is restricted to only transfer of Land or building or both by Finance Act 2018 ?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

10 January 2021 Tenancy right of land and building portion 54EC applicable.

Sam

Sam (Querist)
Follow

10 January 2021 i have received the amount for transferring tenancy right and business sale jointly. So how will the capital gain be calculated.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

10 January 2021 Decide based on prevalent market conditions.

Sam

Sam (Querist)
Follow

10 January 2021 Sorry I am not understanding ?
please explain .

Sam

Sam (Querist)
Follow

13 January 2021 As I have received the amount jointly for business sale and transferring tenancy right,there is no division of money mentioned in the agreement. Can I invest the full amount in 54 ec capital gain bonds ?
Please help me understand sir .

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

13 January 2021 You are the best judge decide the amount towards tenancy transfer and deposit in 54EC bonds for the balance pay capital gains tax. No body will question the amount.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Srikanthan S

Jayanti Visani

Vishal Dave

Ahamed Kabeer

svgovindaraju

Subscribe Now

Capital gain

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA