Capital Gain

This query is : Resolved

suraj (Querist)
Follow

21 October 2008 Assessee want to demolish the depreciable building n later want to create shopping centre. Then he is going to sell shops what type of gain occures? short/long term? What is the treatment of cost of original bldg as well as new constructed bldg?

If the same situation is there n assessee wants to demolish personal building then what will happen in that case?

CA RAMESH KUMAR AHUJA

CA RAMESH KUMAR AHUJA (Expert)
Follow

22 October 2008 In case the depreciable asset(Building) is demolished then the same may be adjusted against any othe building in the same block or treated as a short term capital loss u/s 50. The new building erected on the land may be dealt seperately and the gain on sale may be ST or LT depending upon the period of holding of the asset. In such a case land and building are also to be considered seperately. Any short term capital gain arising therefrom may be adjusted against the loss(STC loss) from demolishion of earlier building.

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

RISHI LATTA

Amit Yadav

S N Unni

Ashwin Tanna

rana andcompany

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