Capital Gains
This query is : Resolved
24 January 2009
Sir,
Can you please explain me a doubt in capital gains.
Case: A person obtained a land as gift( before 1981), on which he constructed a building. On demand of the buyer X (who what to purchase only land)in the year 1999-00 he demolished the building and it remained empty from then on. In the year 2008-09 he sold the land to same X. Here can he claim the expenses of demolishing the building as cost ( or exp of transfer).
please mention the case if any.
Can you please explain me a doubt in capital gains.
Case: A person obtained a land as gift( before 1981), on which he constructed a building. On demand of the buyer X (who what to purchase only land)in the year 1999-00 he demolished the building and it remained empty from then on. In the year 2008-09 he sold the land to same X. Here can he claim the expenses of demolishing the building as cost ( or exp of transfer).
please mention the case if any.
24 January 2009
As per my opinion, he can capitalise these expenses to the cost as cost of improvement for getting the sale consideration.
25 January 2009
only the cost of land as on 1.4.1981 or the actual cost is to be considered after indexation
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
- Tax on Deemed Capital Gain
- Type of Capital Gain
- Exiting partner in partnership firm in gst portal
- Consequences of Non-Deduction of TDS under Income Tax???????????????
- Grand in aid
- Gst on travel by air for business purposes
- ASMT-10 received from A O
- IT returns for fresh job holders
- TDS on rent received on hardship compensation being rent on redevelopment of building
- Reporting in TDS return
- CLOSING STOCK QUERY
- F&O reporting in ITR
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
- TDS on property - Form 141 query
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
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
