Capital gains
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 June 2012
My client has an industrial land on lease of 99 yrs in GIDC in name of his proprietory firm. Now he is transferring the lease rights to third party for a consideratrion of Rs. 10 lacs . What will be the tax effect and under which head? will it be business income or LTCG as the period of holding is more than 5 years. Also pls specify if exemption can be claimed in case it is LTCG.
24 June 2012
Transfer of lease hold right is liable for capital gain tax as the asset transferred is a capital asset. Since the period of holding is 5 years, indexation can be done.
.
Exemption U/s 54F and Section 54 EC may be claimed.
.
.
Exemption U/s 54F and Section 54 EC may be claimed.
.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Section 270A penalty
- GST Registration Application -Rejected
- GSTR 1- Amend Credit Note
- GSTR 9C- Table 9
- Tax liability on gift amount given to blood relation
- International transfer pricing- -> father entity vs son entity ->WHERE NO mutual say in management
- Acting as an Agent
- Reimbursement of expense- GST applicable or not
- When was the effective CA partnership deed? Can I use old FRN until new FRN alloted by ICAI?
- To Whom the Professional Invoice should be Raise
- E stamp paper purchase
- Problem in filing Returns for International workers in EPFO
- Clarification for reversal of IGST on transfer of duty-free imported goods from EOU to DTA unit
- EXCESS CREDIT REALTED GST REVERSAL
- Export invoice not reported
- CA Articleship Extension Matter
- GST OFFICER WRONG NOTICE
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Composition Dealer GST Annual Return Filing process
- Revision under Section 264 in The Income Tax Act, 1961
Trending Online Classes
-
Live Course on GSTR 9 & 9C for FY 24-25(Detailed discussions, FAQ, Case studies and Live demo of GSTR 9/9C on GST Portal)
Industry Expert16 November 2025
CAclubindia
