Capital gains
This query is : Resolved
31 December 2011
SIR,
I HAVE EXTINGHUSH MY REIGHTS FROM ONE OF THE RENTED OFFICE FOR VANCY OF OFFICE. THE RENT PAID IS NOT SHOWN IN INCOME TAX RETURN.NOW FOR EXTINGUISHMENT OF RIGHT I HAVE RECEIVED CERTAIN SUM IS THIS SUM IS TAXABLE AS CAPITAL GAIN.NOW IF I INVESTED THE CERTAIN AMOUNT IN PURCHASE OF ANY OTHER OFFICE THE WHETHER EXEMPTION UNDER CAPITAL GAIN WILL AVAILABLE OR NOT? IF YES IN WHICH SECTION.
THANKS
SWAPNEEL
I HAVE EXTINGHUSH MY REIGHTS FROM ONE OF THE RENTED OFFICE FOR VANCY OF OFFICE. THE RENT PAID IS NOT SHOWN IN INCOME TAX RETURN.NOW FOR EXTINGUISHMENT OF RIGHT I HAVE RECEIVED CERTAIN SUM IS THIS SUM IS TAXABLE AS CAPITAL GAIN.NOW IF I INVESTED THE CERTAIN AMOUNT IN PURCHASE OF ANY OTHER OFFICE THE WHETHER EXEMPTION UNDER CAPITAL GAIN WILL AVAILABLE OR NOT? IF YES IN WHICH SECTION.
THANKS
SWAPNEEL
31 December 2011
It is immaterial whether the rent expenditure has been shown or claimed by you in Income Tax in a case where your "HHE" or Drawings are shown at a sufficient
level so as to cover the Rent paid also.
.
U/s 55(2) Receipts against Tenancy Right is taxable as Capital Gains.
.
No exemption is allowable unless the right is a Long Term Capital Asset.
.
Where the LTCG is invested for Purchase of office exemption is not available.
level so as to cover the Rent paid also.
.
U/s 55(2) Receipts against Tenancy Right is taxable as Capital Gains.
.
No exemption is allowable unless the right is a Long Term Capital Asset.
.
Where the LTCG is invested for Purchase of office exemption is not available.
31 December 2011
Yes you have to pay tax under the head capital gain... No exemption is available to you...
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
- TDS 194-T applicability
- GST ITC REVERSE
- Fixe term employment
- Is any professional CA is here please reply
- TDS on TRUST
- RCM ISSUE ON RENT AND TRANSPORTATION CHARGES
- Foreign lottery ticket bought online from India: legality, tax and consequences
- Reprocessing of rectification order AY 2025-26
- Section 50-fixed asset-->building ceases to exist
- Putting a heading on received mail
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
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
