Capital gain
This query is : Resolved
26 June 2008
My friend had sold a old land long term asset and invested for the construction of house in kochi during the financial year 2007-08. Problems is whether that amount should be used for reconstruction/construction of house? how can it treat with preparing total income during the financial year 2007-08. It will be taxable during the year.The old value (93-94) around 1.8L and the current sale value Rs.10L. How can it treated in Total income statement 2007-08, how was the treatment or any exemption there ?what is your suggestion on this matter.
Pls urgent
My friend had sold a old land long term asset and invested for the construction of house in kochi during the financial year 2007-08. Problems is whether that amount should be used for reconstruction/construction of house? how can it treat with preparing total income during the financial year 2007-08. It will be taxable during the year.The old value (93-94) around 1.8L and the current sale value Rs.10L. How can it treated in Total income statement 2007-08, how was the treatment or any exemption there ?what is your suggestion on this matter.
Pls urgent
26 June 2008
LTCG will be taxable in the year in which ur friend sold the land.
cost of purchase will be taken after adjusting for indexation.
capital gain can be saved thru construction of new house within 3 years of sale.
if he could not complete construction in 2007-08, he can deposit the money in special bank a/c named capital gain a/c and later use this money for construction.
cost of purchase will be taken after adjusting for indexation.
capital gain can be saved thru construction of new house within 3 years of sale.
if he could not complete construction in 2007-08, he can deposit the money in special bank a/c named capital gain a/c and later use this money for construction.
17 June 2023
"Sorry, I am not a featured member."
For featured members contact....
https://www.caclubindia.com/catalogue/featured.asp
For featured members contact....
https://www.caclubindia.com/catalogue/featured.asp
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- TDS on Purchase of Immovable Property by NRI from NRI
- Capital gain from sale of house property
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Regarding TDS Applicability For Director Remuneration
- Copyright software
- Before GSTAT- APL-02 Vs APL-04
- Annual return in Gst
- Transporter Declaration form
- Value of property in capital gain
- Tds UNDER SECTION 195 INTEREST PAID TO NRI DIRECTOR
- Clarification on TDS Applicability
- Opting our of sec 44AD
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
