Controversial question on L.T.C.G.
This query is : Resolved
08 January 2009
One of my clients had purchased a shop for Rs. 150000 in F.Y. 1998-99. Through over sight the investment made in the shop was not recorded in the Balance Sheet. Now during the F.Y. 2008-09 he wants to sale the same for Rs.450000 (the value prescribed by Stamp Duty Authority).Now he wishes to show this transaction in the books of accounts. Since investment was made in 1998-99, in the year 2008-09 it cannot be reopened for any assessment as 6 years has passed since year 1998-99.
Now my questions are:
1. Does he liable to pay tax on L.T.C.G. of Rs.201282 (450000-248718 being indexed cost of acquisition)?
2. Will entire Sale Value of Rs.450000 will be liable to tax in the year of sale i.e. F.Y. 2008-09?If yes how?
Kindly opine with remedy
Now my questions are:
1. Does he liable to pay tax on L.T.C.G. of Rs.201282 (450000-248718 being indexed cost of acquisition)?
2. Will entire Sale Value of Rs.450000 will be liable to tax in the year of sale i.e. F.Y. 2008-09?If yes how?
Kindly opine with remedy
08 January 2009
Indicate the assesse's status and whether income was being returned every year after purchase
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