Capital Gain
This query is : Resolved
21 July 2011
One of my friend has sold his property received which was transferred to him as an ancestral property, I would like to know whether this attracts capital gain tax or not. if yes, I would also like to know the repairing cost or any renovation cost incurred on the said property can be claimed as deduction while computing the tax based on indexation
Regards
Girish Mani
Regards
Girish Mani
CA SANKAR 9585590515
(Expert)
21 July 2011
Any capital asset transfered during the previous year wil be taxable as capital gain.
Any cost of improvement after 1.4.81 will be considered for deduction
Any cost of improvement after 1.4.81 will be considered for deduction
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
- Accounting treatment of AMC alongwith the purchase of Laptop
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Issuing of delivery challan by seller of goods
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Nursery business
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Tax on Amount transferred in HUF Account
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
