Income tax
This query is : Resolved
19 August 2019
I have filed return of my mom last year
In the return i have shown building of rupees 700000
But depericiation not charged
But i have shown it in the block
But in real this building is not for business purpose
And we do not use this for business
In the py 2018-19
Sold date i e on 13-1-19
We sold the property for 1060000
Now how i should treat this
As a capital gain or as a pgbp (block)
If i take as a capital gain
Than no tax
Because of indexation
But if i treat this as a pgbp
There will be tax bcs my block become nil
How i should treat this.
I have no investment till now
Question
1 if i show as a cap gain
Whether chances of notice are there or not
2 whether to treat this as a cap gain or block pgbp
3 which itr i should file if my mother has 50000
Also business income
4. If notice come what was the interest implecation
In the return i have shown building of rupees 700000
But depericiation not charged
But i have shown it in the block
But in real this building is not for business purpose
And we do not use this for business
In the py 2018-19
Sold date i e on 13-1-19
We sold the property for 1060000
Now how i should treat this
As a capital gain or as a pgbp (block)
If i take as a capital gain
Than no tax
Because of indexation
But if i treat this as a pgbp
There will be tax bcs my block become nil
How i should treat this.
I have no investment till now
Question
1 if i show as a cap gain
Whether chances of notice are there or not
2 whether to treat this as a cap gain or block pgbp
3 which itr i should file if my mother has 50000
Also business income
4. If notice come what was the interest implecation
13 February 2020
you can show it long term capital gain as you have NOT claimed the depreciation
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