Land And Building Sales

This query is : Resolved

Viral Tank (Querist)
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16 February 2022 Respected sir, We are a partnership firm, we have some questions, so please clarify and help us
1- We had purchased factory land Date:- 07/08/2001.
2- We have built a factory building on this land on date:- 29/06/2003.
3- Land And Building Both A/c. are separately in books of account.
4- We have claimed depreciation on the building.
5- Revanyu Advocate will make the deed whole of the building.
6- We don't invest 54 to 54GA

Now, we are selling the factory, Can the cost of construction be merged into the cost of land? or, Can that be shown in the improvement cost? or it should be building cost as per Sec.-50 into depreciation block
Please, Give the guidance for saving the Capital Gain Tax?.
Thanking You

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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16 February 2022 It should be building cost as per Sec.-50 into depreciation block.

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