Income Tax
This query is : Resolved
25 March 2009
Shop was purchased in the year 1987-88 at 1.50 lacs and renovation to the said shop was made amounting to Rs. 1 lac in the same year.
Now we are expecting sale proceeds in the A.Y 2009-10 amounting to Rs. 25 Lacs.
Kindly let us know the tax implications and or investment to be paid so as to have mimimum tax liability within the legal framework.
Shop was purchased in the year 1987-88 at 1.50 lacs and renovation to the said shop was made amounting to Rs. 1 lac in the same year.
Now we are expecting sale proceeds in the A.Y 2009-10 amounting to Rs. 25 Lacs.
Kindly let us know the tax implications and or investment to be paid so as to have mimimum tax liability within the legal framework.
Ravi Chandra Prakash
(Expert)
25 March 2009
The Long term capital gain can be exempted by investing in the specififed assets of NHAI/Rural Electrifictin coporation u/s54EC or can purchase/Construct a residential house subject to conditions specified u/s54F
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
- Tax on Amount transferred in HUF Account
- Nursery business
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- TDS on Dashcam rent and allied services
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- Working on Gold wastage during Melting of old gold jewellery
- GST input credit on commercial property
- Section 269ST applicability for capital introduced by partner to his partnership firm
- Intimation under section 245
- ETDS return q4 25-26
- GSTR-9C filing
- Royalty payments to the Mining Department for procurement of murum - GST input
- HOW TO ADJUST CREDIT NOTE AMOUNT ?
- Import Order Cancelled.
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
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
