Capital gains
This query is : Resolved
Parth Magia
(Querist)
16 December 2012
Sir-
If the assessee has occupied vacant land, then later on the owner of the land came to know that his land was used by the assessee.even though the assessee was not paying any rent or so.
The owner had paid a lumpsum amount to the occupancy to vacant his land.
Whether such amount is taxed under capital gain ? under which section can the assessee claim the exemption benefit, if so?
thanks and regards,
If the assessee has occupied vacant land, then later on the owner of the land came to know that his land was used by the assessee.even though the assessee was not paying any rent or so.
The owner had paid a lumpsum amount to the occupancy to vacant his land.
Whether such amount is taxed under capital gain ? under which section can the assessee claim the exemption benefit, if so?
thanks and regards,
Amol S Joglekar
(Expert)
16 December 2012
It can be taxed under capital gain having cost of acquisition NIL.
Message likes :
1 times
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
- Query on effect of registration of property
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Visiting card purchase
- GST on reimbursement of expenses
- Additional trade name
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Wrong CMPo8 file
- Whether output tax is taken credit by purchaser
- Number of years as per AS amortisation of Goodwill
- Equity Share Sale and Purchase
- Classification of income of P Ltd company as business or profession
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
