Capital gain on sale of building
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
22 February 2013
our client have a building more than three in the name of Individual and now he want to sell it to a company. So what will be the capital gain in this respect, because he has not claim any depreciation on building till date while filing I Tax return in the name of Individual.
22 February 2013
You have to find that whether 3 years are completed or not from the date of purchase of that building.
If 3 yrs are completed than it is long term capital gain otherwise it is short term.
There is 20% tax rate on long term capital gain and fo short term capital gain the basic slab rate is applicable.
If 3 yrs are completed than it is long term capital gain otherwise it is short term.
There is 20% tax rate on long term capital gain and fo short term capital gain the basic slab rate is applicable.
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