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
CAclubindia
