Capital Gain
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 December 2010
a person purchased a plot in 1988 for 15 lacs and constructed a building for Rs. 20 lacs and sold the same in 2010 for Rs. 80 lacs what will be the capital gain and how much will be long term and how much short term. This building is used for business purpose and depreciation was allowed by the Income tax authorities. Please advise.
18 December 2010
Since the bifurcation of the cost of land & building is available & the same is used for business purpose there will be short term capital gain.
however please note that the sale deed should clearly mention the sale consideration of land & sale consideration of building.
You will have to calculate short term capital gain as per section 50 of the Income Tax Act.
however please note that the sale deed should clearly mention the sale consideration of land & sale consideration of building.
You will have to calculate short term capital gain as per section 50 of the Income Tax Act.
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