Capital Gain Tax liability on sell of Shop- personal property
This query is : Resolved
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12 July 2022
Dear Sir/Madam
Sir I have foll.question regarding sell of shop kept as investment since last 5 years or more-
I was earn monthly rent of my own shop and I was showed in my tax return.
I was buy this shop of Rs.8,lacs (as per sales deed, actually I was paid in total of Rs.12 lacs at that time) now today I have plan to sell this shop and its market value around 20 lacs.
I have foll. Question-
Capital gain tax applicable on sell of shop in this year??
How much cost of purchase i.e Rs. 8 lacs or Rs.12 lacs??
I will have to plan to make sale deed for sell of this shop around Rs.15 lacs and remaining balance amount of Rs. 5 lacs will pay in cash by new buyer, is it possible?
I have to make sales deed full amount of shop i.e Rs.20 lacs?
What is sales consideration for me i.e Rs. 20 lacs or Rs.15 lacs??
Legal expenses incurred during buy and sell of shop is eligible as expense while calculation capital gain tax??
What is the Capital Gain Tax Rate for fy-2022-23??
Request to give answer of my all doubt at earliest
Sir I have foll.question regarding sell of shop kept as investment since last 5 years or more-
I was earn monthly rent of my own shop and I was showed in my tax return.
I was buy this shop of Rs.8,lacs (as per sales deed, actually I was paid in total of Rs.12 lacs at that time) now today I have plan to sell this shop and its market value around 20 lacs.
I have foll. Question-
Capital gain tax applicable on sell of shop in this year??
How much cost of purchase i.e Rs. 8 lacs or Rs.12 lacs??
I will have to plan to make sale deed for sell of this shop around Rs.15 lacs and remaining balance amount of Rs. 5 lacs will pay in cash by new buyer, is it possible?
I have to make sales deed full amount of shop i.e Rs.20 lacs?
What is sales consideration for me i.e Rs. 20 lacs or Rs.15 lacs??
Legal expenses incurred during buy and sell of shop is eligible as expense while calculation capital gain tax??
What is the Capital Gain Tax Rate for fy-2022-23??
Request to give answer of my all doubt at earliest
12 July 2022
1 yes capital gains tax applicable in this year.
2 8 lacs will be considered. Indexation can be applied. When you buy the shop.
3 Cash payment not possible.
4 Make sale deed for 20 lacs.
5 20 lacs.
6 Legal expenses can be claimed.
7 20% tax payable after indexed cost is deducted.
2 8 lacs will be considered. Indexation can be applied. When you buy the shop.
3 Cash payment not possible.
4 Make sale deed for 20 lacs.
5 20 lacs.
6 Legal expenses can be claimed.
7 20% tax payable after indexed cost is deducted.
12 July 2022
You are welcome.......
12 July 2022
Sir,
Suppose I have to make sales deed of Rs.15 lacs and rs.5 lacs I will taken cash and used to buy house hold items then what happened???
I will calculate capital gain tax on 15 lacs only??
Suppose I have to make sales deed of Rs.15 lacs and rs.5 lacs I will taken cash and used to buy house hold items then what happened???
I will calculate capital gain tax on 15 lacs only??
13 July 2022
Nothing will happen do as you like, if sale deed is registered for 15 lacs.
14 July 2022
Sir,
Suppose i will make investment out of sale of shop in another shop then investment made is eligible for deduction ??
Also clarify suppose i will make investment in residential house property then deduction is available??
Suppose i will make investment out of sale of shop in another shop then investment made is eligible for deduction ??
Also clarify suppose i will make investment in residential house property then deduction is available??
14 July 2022
Investment made in other Shop is not eligible for deduction but investment in residential house is eligible for deduction.
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