Capital gain
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
22 February 2012
After constructing building (took 2 year)company wants to dispose off in the year of completion of construction. Since said building is wip in balance sheet on disposing of building in the year of completion will be there any other treatment or it will same as in case of other block of assets.
I mean to say short term capital gain will be charged (as per section 50).
How can we save such tax.
I mean to say short term capital gain will be charged (as per section 50).
How can we save such tax.
23 February 2012
1.During the period of construction it is WIP and no depreciation is charged do not form part of the block Building.
.
2. In a case where no depreciation has been claimed , Section 50 is not applicable.
.
3. If you want to go through Section 50 route, once you have to charge depreciation and in the year of sale if you purchase a similar/another asset in the block, Savings in capital gains tax may be made.
.
.
2. In a case where no depreciation has been claimed , Section 50 is not applicable.
.
3. If you want to go through Section 50 route, once you have to charge depreciation and in the year of sale if you purchase a similar/another asset in the block, Savings in capital gains tax may be made.
.
Message likes :
1 times
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
- GST ITC REVERSE
- Fixe term employment
- Is any professional CA is here please reply
- Gift Received from nonblood relative
- Section 50-fixed asset-->building ceases to exist
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- Foreign lottery ticket bought online from India: legality, tax and consequences
- Putting a heading on received mail
- Reprocessing of rectification order AY 2025-26
- RCM ISSUE ON RENT AND TRANSPORTATION CHARGES
- Regime change
- TDS 194-T applicability
- Consolidated financials
- 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
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
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
