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
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
- ITR 2 Short Term gain & Long term gain
- Itr 1 processing
- Reporting Income under Section 44ADA
- Off Market debit and credit transaction
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR returnFY25-26
- ITR 1: Details for showing Exempt Income
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Short Term Capital gain on shares bought and sold after 2018 onwards
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- Article ship defecit
- Bank Accounts in Balance Sheet for ITR 3
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- 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
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
