Capital gain on sale of non depreciable asset
This query is : Resolved
28 December 2013
in company's books there was a land in fixed assets
opening value Rs. 50 lacs (purchased in f/y 2006-07)
Sale during the f/y 2011-12 = 1 crore
how to treat this transaction in company's books?
as land is non depreciable asset section 50is not applicable..
can we indexation benefit on the sale of non depreciable asset?
opening value Rs. 50 lacs (purchased in f/y 2006-07)
Sale during the f/y 2011-12 = 1 crore
how to treat this transaction in company's books?
as land is non depreciable asset section 50is not applicable..
can we indexation benefit on the sale of non depreciable asset?
Nikhil Kaushik
(Expert)
29 December 2013
yes. indexation shall be available.
CA Pallav Singhania
(Expert)
29 December 2013
As its a long term fixed asset and it will be taxed as per long term capital gain..
Sale Consideration - 1 crore
less: cost of acquisition
CII of transfer date/ CII of acquisition date X COST
785/519 X 5000000 - 7562620
LTCG - 2437380
Exemption can be claimed U/S 54F, 54EC...
Sale Consideration - 1 crore
less: cost of acquisition
CII of transfer date/ CII of acquisition date X COST
785/519 X 5000000 - 7562620
LTCG - 2437380
Exemption can be claimed U/S 54F, 54EC...
Nikhil Kaushik
(Expert)
29 December 2013
Aryan Bhai,
are you sure about availability of exemption under 54F in this case??
are you sure about availability of exemption under 54F in this case??
CA Pallav Singhania
(Expert)
29 December 2013
Ohh.. Thanks for the correction Nikhil Bhai..
54 EC will be allowable exemption.. as 54F is for HUF and Individuals...
54 EC will be allowable exemption.. as 54F is for HUF and Individuals...
Nikhil Kaushik
(Expert)
29 December 2013
welcome Aryan Bhai...waise kahan the itne din??
CA Pallav Singhania
(Expert)
29 December 2013
Bus... Varanasi gaya hua tha...
Ab lauta hoon...
Ab lauta hoon...
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