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.
CA PARAS BAFNA
(Expert)
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.
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Exemption U/s 54F and Section 54 EC may be claimed.
.
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Exemption U/s 54F and Section 54 EC may be claimed.
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