Capital gain on sale of ind. Land building

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Prakash Maroo (Querist)
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18 August 2023 An assessee filing ITR on Presumptive Income basis sold industrial land and building for 40 lakhs during ay 23-24. Land was purchased for 3 lakh during financial year 2008-09 and building was constructed during financial year for Rs. 15 lakhs. Please suggest basis of capital gain considering indexation and depreciation issue.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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18 August 2023 What is the WDV of building?

Prakash Maroo

Prakash Maroo (Querist)
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18 August 2023 Building was constructed during financial year 2008-2009 hence it's WDV is about to nil.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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18 August 2023 Get valuation report of the building, that will be your short term gain of building.
Remaining part from sell value will be sell price of the land. Gain after deducting indexed cost of land will be LTCG.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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10 September 2024 Good Luck.

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