GOODWILL TREAT INCOME OR NOT
This query is : Resolved
24 June 2024
DEAR SIR,
ONE OF MY CLIENT OWNED 4 EKAR OF LAND AND ENTERED INTO JOINT DEVELOPMENT AGREEMENT IN THE YEAR OF 2021-2022. THE DEVELPOER HAS PAID GOOD WILL THROUGH BANK ACCOUNT RS.400000/- AND RS.200000/- AND CASH PAID RS.200000/-. THE AGREEMENT SHARES BETWEEN 50:50 AFTER DEVELPOMENT.
1. THE GOOD WILL RECEIVED FROM THE DEVELPOER TAXED IN HAND OF MY CLIENT
2. IF YES WHEATHER WILL IT CONSIDER TO BE BUSINESS INCOME OR OTHER SOURCES
3. ONCE SELLING PLOTS HOW TO CALCULATE CAPITAL GAINS ON THIS SITUATION
4. HOW TO FIND OUT EXPENDITURE FOR DEDUCTING FROM CAPITAL GAIN
YOUR VALUABLE REPLY MUCH NEEDED SIR
ONE OF MY CLIENT OWNED 4 EKAR OF LAND AND ENTERED INTO JOINT DEVELOPMENT AGREEMENT IN THE YEAR OF 2021-2022. THE DEVELPOER HAS PAID GOOD WILL THROUGH BANK ACCOUNT RS.400000/- AND RS.200000/- AND CASH PAID RS.200000/-. THE AGREEMENT SHARES BETWEEN 50:50 AFTER DEVELPOMENT.
1. THE GOOD WILL RECEIVED FROM THE DEVELPOER TAXED IN HAND OF MY CLIENT
2. IF YES WHEATHER WILL IT CONSIDER TO BE BUSINESS INCOME OR OTHER SOURCES
3. ONCE SELLING PLOTS HOW TO CALCULATE CAPITAL GAINS ON THIS SITUATION
4. HOW TO FIND OUT EXPENDITURE FOR DEDUCTING FROM CAPITAL GAIN
YOUR VALUABLE REPLY MUCH NEEDED SIR
24 June 2024
Yes, include it in capital gains calculation.
On selling plots deduct indexed cost of land to arrive at capital gains.
Deduct any expenses incurred from capital gains.
On selling plots deduct indexed cost of land to arrive at capital gains.
Deduct any expenses incurred from capital gains.
25 June 2024
THANK YOU SIR FOR YOUR REPLY,
WHAT IS THE DATE OF ACQUISITION WHILE COMPUTING CAPITAL GAIN
REGARD
WHAT IS THE DATE OF ACQUISITION WHILE COMPUTING CAPITAL GAIN
REGARD
25 June 2024
Consider your original date of acquisition.
29 June 2024
THANK YOU SIR FOR YOUR REPLY
THE AGRICULTURAL LAND IS INHERITED PROPERTY WHEN THEY HAVE ENTERED INTO JDA THE DEVELPOER SHOULD CONVERT INTO FOR COMMERCIAL PURPOSE. THE LAND STILL SITURATED IN RURAL LIMIT.
REGARDS
THE AGRICULTURAL LAND IS INHERITED PROPERTY WHEN THEY HAVE ENTERED INTO JDA THE DEVELPOER SHOULD CONVERT INTO FOR COMMERCIAL PURPOSE. THE LAND STILL SITURATED IN RURAL LIMIT.
REGARDS
29 June 2024
Rural agricultural land beyond certain kms from municipal limit exempt from tax.
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
- Off Market debit and credit transaction
- Showing Gift from relative in ITR for this year
- ITR selection for salaries and capital gain less than L
- Share accounting-->fifo - capital gain - period as per fifo?
- Short Term Capital gain on shares bought and sold after 2018 onwards
- Soyabean hsn code and gst rate
- ITR filing- non tax audit cases- Asstt.Year 2026-2027
- Treatment of Pension ?annuity returns on PMVY
- Last year TDS Claim
- RNOR Status but Investments more than Income
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
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
