Land purchase
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
14 August 2017
sIR
*PURCHASE 2002 A LAND RS 250000
* BUILT A BUILDING AND COSTING RS 350000 DT 2008
* NOW SHOWING IN ITR
PLSE SUGGEST ME -PRICE TAKEN IN BALANCE .SHEET
*PURCHASE 2002 A LAND RS 250000
* BUILT A BUILDING AND COSTING RS 350000 DT 2008
* NOW SHOWING IN ITR
PLSE SUGGEST ME -PRICE TAKEN IN BALANCE .SHEET
14 August 2017
Your total income is above 50lakhs then only you ll be show the assets details in ITR.
If less than 50lakhs don't be show it.
If you sell the property at the you calculate the LTCG and pay the tax liability....
Message likes :
1 times
16 August 2017
Show historical cost in your books of account i.e. at Rs. 6,00,0000 (250,000+350,000) + registration and stamp duty cost and other related expenses. In case you employed this in your business and claiming depreciation, then show at WDV of building and land at cost.
As suggested Mr. Raja PM you need not reflect in your IT return, if your total income is less than Rs. 50 lakhs per annum - if you are using the house property for your personal use or rental purpose i.e. not owned by your business / profession.
As suggested Mr. Raja PM you need not reflect in your IT return, if your total income is less than Rs. 50 lakhs per annum - if you are using the house property for your personal use or rental purpose i.e. not owned by your business / profession.
Message likes :
1 times
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
- Gst credit note by supplier
- Missed uploading GST Invoice
- GST on reimbursement of expenses
- Query on effect of registration of property
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Wrong CMPo8 file
- Equity Share Sale and Purchase
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Additional trade name
- Number of years as per AS amortisation of Goodwill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
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
