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?
29 December 2013
yes. indexation shall be available.
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...
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??
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...
29 December 2013
welcome Aryan Bhai...waise kahan the itne din??
29 December 2013
Bus... Varanasi gaya hua tha...
Ab lauta hoon...
Ab lauta hoon...
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
- About TDS & Income Tax
- Pass word to open justification report for Q1 for FY 2026-27
- Scrutiny and reopening of past returns
- Section 194JA & JB Income which ITR Form to use
- Under construction property in ITR
- PPF interest-As Exempt Income disclosure
- Building tax payment deduction in rental Income
- Upload Level ValidationITR3Category of Defect B/D
- Booth for sales promotion
- GST ON TRAVELLING BILLS
- Indian IT Portal issue in computing tax as per UK-India DTAA
- F & O PROFIT REPORTING FOR AY 2026-27
- Capital Gains on sale of residential flat
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
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
