Capital gains
This query is : Resolved
24 February 2013
Respected Expert,
Suppose,
we were occupying some part of land since last 4-5 years, the same land was not belonging to us in any manner. we had just established our existence over there by keeping our stock there and there were no one to look after this land so far.
Now, we are in receipt of some money from the new buyer towards the compensation to vacant the land.
Does that fall under Extinguishment of Right and be taxxed under CAPITAL GAIN ?
if Yes, Can We claim Deduction under sections 54 F / 54 EC ?
Revert at your earliest
Thanks in advance
Suppose,
we were occupying some part of land since last 4-5 years, the same land was not belonging to us in any manner. we had just established our existence over there by keeping our stock there and there were no one to look after this land so far.
Now, we are in receipt of some money from the new buyer towards the compensation to vacant the land.
Does that fall under Extinguishment of Right and be taxxed under CAPITAL GAIN ?
if Yes, Can We claim Deduction under sections 54 F / 54 EC ?
Revert at your earliest
Thanks in advance
24 February 2013
Yes sir, you can claim exemption U/s 54F/54EC.
.
As you have occupied the land and the new willing buyer understands that to occupy the plot is after all proved as a valuable right (as consideration is being paid for vacating the plot). You can also imagine yourself as a zero rupee tenant.
.
.
As you have occupied the land and the new willing buyer understands that to occupy the plot is after all proved as a valuable right (as consideration is being paid for vacating the plot). You can also imagine yourself as a zero rupee tenant.
.
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