Capital gain tax applicability
This query is : Resolved
MEHUL G KAPADIA
(Querist)
10 May 2014
Pl let me know whether CGT applies if a person sells his two shops to a builder who has purchased all shops surrounding that area and in turn gives a shop in a new building constructed at same place and two flats at same building. Nothing has been paid in consideration just legal sale deed will be executed for sale and purchase of shops and flats.
10 May 2014
the ans is yes as it amounts transfer and more data needed to cal caital gain tax.
Nikhil Kaushik
(Expert)
10 May 2014
actually, though there will be capital gains, there wont be any tax liability as you would get automatic deduction as the assumed consideration shall also get automatically reinvested.
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