Capital Gain on sale of building
This query is : Resolved
23 April 2008
Suppose i have 2 building under income tax block (ignore depreciation) whose details are as follows :-
closg bal as 31/03/2007 - RS100/-
Revaluation made on 31/03/2007 Rs- 50/-
one building sold on 10/04/2008 -RS.50/-
What will be my closg bal as on 31/03/2007 , 31/03/2008 and 31/03/2009 under income tax act?
Will i have to pay capital gain tax on sale of building in above case?
Whether the revaluation amount is to be considered while calculating capital gain?
closg bal as 31/03/2007 - RS100/-
Revaluation made on 31/03/2007 Rs- 50/-
one building sold on 10/04/2008 -RS.50/-
What will be my closg bal as on 31/03/2007 , 31/03/2008 and 31/03/2009 under income tax act?
Will i have to pay capital gain tax on sale of building in above case?
Whether the revaluation amount is to be considered while calculating capital gain?
23 April 2008
revaluation value is not considered in the income tax act when you sold one building then original cost of bulding is taken and if you sold in the year 2008 the sales value or stamp duty value which ever is higher is taken and for anothe building original cost is taken as assets in the books of a/c
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