Capital Gain on Shop acquired under Gift
This query is : Resolved
25 November 2010
One of My client being an Individual has acquired a Shop under Gift from His elder Brother in year 2004-05 for Rs.700000/-
Previously his brother was constructed the said Shop in 2000-01.
Now the said Gifted Shop is sold in Year 2010-11 for Rs.1200000/-
Now the query is as
i)From which year the indexing is to be counted ie year2000-01 or 2004-05.
ii)If the capital gain as long term from sale of Shop after indexing is invested in Another ready Shop whether the same can be exempted u/s 54F or not
or he liable for capital gain tax.
Previously his brother was constructed the said Shop in 2000-01.
Now the said Gifted Shop is sold in Year 2010-11 for Rs.1200000/-
Now the query is as
i)From which year the indexing is to be counted ie year2000-01 or 2004-05.
ii)If the capital gain as long term from sale of Shop after indexing is invested in Another ready Shop whether the same can be exempted u/s 54F or not
or he liable for capital gain tax.
25 November 2010
indexation shall apply from 2004-05
shop is not a residential house property eligible for exemption u/s 54F
still wait for more opinions
shop is not a residential house property eligible for exemption u/s 54F
still wait for more opinions
25 November 2010
1. Indexation shall apply from 2004-05
2. exemption u/s 54F could be taken if residential property purchased only.
2. exemption u/s 54F could be taken if residential property purchased only.
25 November 2010
As far as Indexation is concerned the year in which Assesses received the gift will be taken in to the consideration. Hence for the year 2004-05 will be taken in to the consideration.
No exemption shall be availed under 54 F
No exemption shall be availed under 54 F
25 November 2010
Agreed with aditya
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