Capital Gain in partnership firm
This query is : Resolved
02 July 2022
Dear Sir,
we have purchase one office in 1st August 1988 for Rs.318500 in the name of Partnership firm . We are getting Rs. 1,60,00,000 if we should sale it
Market value in August 2001 was Rs. 9245000.
what would be capital gain tax ?
If we should build new building or purchase new office would cost around Rs. 1500000 in partnership firm, can we save capital gain tax ?
Thanks
Girish
we have purchase one office in 1st August 1988 for Rs.318500 in the name of Partnership firm . We are getting Rs. 1,60,00,000 if we should sale it
Market value in August 2001 was Rs. 9245000.
what would be capital gain tax ?
If we should build new building or purchase new office would cost around Rs. 1500000 in partnership firm, can we save capital gain tax ?
Thanks
Girish
02 July 2022
The present capital gains index is 331.
Apply this index on 92,45,000 the indexed cost is 3.06 crore so capital gains tax will not arise as sale value less than indexed cost.
Apply this index on 92,45,000 the indexed cost is 3.06 crore so capital gains tax will not arise as sale value less than indexed cost.
05 July 2022
Dear Sir
Thanks for your reply.
we are getting rent on this assets and also we have claimed depreciation on this assets. still it will fall under long term capital gain we sale it ? and we should do indexing while calculating capital gain tax ?
Please advice us .
Thanks
Girish
Thanks for your reply.
we are getting rent on this assets and also we have claimed depreciation on this assets. still it will fall under long term capital gain we sale it ? and we should do indexing while calculating capital gain tax ?
Please advice us .
Thanks
Girish
05 July 2022
In such a case it will be short term capital gains pay taxes no exemption.
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
- Post Office RD Interest
- Building and other construction workers welfare cess act 1996
- Bank Accounts in Balance Sheet for ITR 3
- ITR validation error - Balance sheet is not filled
- ITR 3 FILING OF AN INDIVIDUAL (PARTNER IN A PARTNERSHIP fIRM)
- Annual return of gst limit
- Eway bill for machinery reparing
- TDS ON CASH WITHDRAWALS...
- Form 10BD Filling
- Registration as Authorised Representative of minor
- Change the gender in the registration of icai
- Lift replacement entries in housing society
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
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
