Capital Gain Tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

17 February 2011 We are a manufacturing company and the place of our factory is not owned but we have tenancy rights for it now the place is going under redevlopment so we are going to get compensation for some part of our factory and balance we will get commercial premise under ownership. also we have established a new factory at umergaon. my question is whether the compensation received is taxable in our hands as the property is for last 36 years or can we save tax by investing in our other factory or how we can save tax please reply

CA. Lohith Jagadeesh

CA. Lohith Jagadeesh (Expert)
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18 February 2011 Hi,
Will get back to you with complete info & workings,

Regards
CA. LOHITH.J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons

Pawan Periwal

Pawan Periwal (Expert)
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18 February 2011 Hi

Capital Gain is taxable on the transfer assets

Since no transfer have taken place, no question of capital gain.

However the amount received will reduce the cost of property ( Like the cost of improvement add it)

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