Capital gain
This query is : Resolved
26 May 2012
if organisation is HUF concern
they sale commercial gala for Rs. 30 lakh same was subject to depreciation
gala was taken 6 year back
nature of capital gain & can we invested capital gain in 2 diifferent property to claim exemption
1) in residential house
2) bal. in commercial gala
they sale commercial gala for Rs. 30 lakh same was subject to depreciation
gala was taken 6 year back
nature of capital gain & can we invested capital gain in 2 diifferent property to claim exemption
1) in residential house
2) bal. in commercial gala
26 May 2012
From the information provided it seems that the gala was used for business purpose and income from such gala was offered for tax under the head Income from Business or Profession. You have also stated that depreciation was claimed on the gala.
In such a case, short term capital gain shall arise u/s 50. No exemption is available against such gain.
In such a case, short term capital gain shall arise u/s 50. No exemption is available against such gain.
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
- CAPITAL GAIN BASE ON NOTIFICATION
- Form 140 tds
- Taxable or Tax exempt
- NRI starting business in India
- ITDS U/S.194T of Firm
- ADVANCE PAYMENT OF ADVOCATE
- CREDIT NOTES WITHOUT GST
- TDS ON EMAIL DOMAIN SERVICE BILL
- Eway bill not cancelled within 24 hous what can be due
- REGARDING ANNUAL RETURNS FILLINGS OF A COMPANY INCORPORATED ON 28.03.2025
- GST rate and HSN code for sale of racing horses
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- 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?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
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
