Capital Gain on sale of property

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Ruhani Raheja (Querist)
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10 July 2016 What will be implication of Capital Gain in following situation: Land was purchased 20 yrs ago. A building was constructed thereon and after few years that building was demolished and a new one was constructed. how capital gain will be calculated on the same???

Amol S Joglekar

Amol S Joglekar (Expert)
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11 July 2016 the question of capital gain arises in case of TRANSFER of capital asset. In the query cited above by you.....yo have NOT mentioned any instance of TRANSFER....please tell the same.....so that capital gain, if any can be computed

Ruhani Raheja

Ruhani Raheja (Querist)
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11 July 2016 Yes a floor in a building has been transferred

Amol S Joglekar

Amol S Joglekar (Expert)
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11 July 2016 demolished building OR the one newly constructed?

Ruhani Raheja

Ruhani Raheja (Querist)
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11 July 2016 The new one constructed in the place of demolished building

Amol S Joglekar

Amol S Joglekar (Expert)
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11 July 2016 capital gain = sale - cost of construction of the said floor. (This is with the assumption that you have sold the floor without any share in LAND)

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Ruhani Raheja

Ruhani Raheja (Querist)
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15 July 2016 Oky... Thank you I got that

Amol S Joglekar

Amol S Joglekar (Expert)
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15 July 2016 you are most welcome.
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