Capital Gain Issueeee
This query is : Resolved
TARIQUE RIZVI
(Querist)
03 November 2021
Dear Friends
I am highly obliged to all of you for all the guidelines being give to me from time to time.
Once again I approach with the issue of capital gain tax.
Date of purchase of the agricultural plot is 26-03-2019 and date of sale of he said plot is 08-04-2021 (After two years 12 Months 12 days)
Year ending March 19 Purchase
Year ending March 21 Sale
Sale Purchase two years 12 months 12 days
Money received in April 2021 by way of sale of property has been paid to someone on account of advance given for purchasing some other plot stamp duty & registration for which shall be effected by December 2021
Whether in such case will attract capital gain tax?
With kindest regards Yours Tarique Rizvi
I am highly obliged to all of you for all the guidelines being give to me from time to time.
Once again I approach with the issue of capital gain tax.
Date of purchase of the agricultural plot is 26-03-2019 and date of sale of he said plot is 08-04-2021 (After two years 12 Months 12 days)
Year ending March 19 Purchase
Year ending March 21 Sale
Sale Purchase two years 12 months 12 days
Money received in April 2021 by way of sale of property has been paid to someone on account of advance given for purchasing some other plot stamp duty & registration for which shall be effected by December 2021
Whether in such case will attract capital gain tax?
With kindest regards Yours Tarique Rizvi
03 November 2021
As the holding is more than 24 months, it will be long term gain.
Yes, it will attract LTCG at @ 20%+cess. No exemption when invested in any land.
Yes, it will attract LTCG at @ 20%+cess. No exemption when invested in any land.
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
- Query on effect of registration of property
- Visiting card purchase
- GST on reimbursement of expenses
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Whether output tax is taken credit by purchaser
- Wrong CMPo8 file
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Additional trade name
- Number of years as per AS amortisation of Goodwill
- Equity Share Sale and Purchase
- Foriegn assets disclosure
- Classification of income of P Ltd company as business or profession
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
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
