Long Term Capital Gain

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This query is : Resolved

Ashish Ranpara (Querist)

06 March 2008 Dear Sir,

Can a person transfer it's Property not fully but part of property after a long time about to 35 to 40 years is liable to capital gain ?

if there is a four partner of property than How will capital gain calculated?

is there any provision for regarding exemption of such capital gain?

The Property is in the nature of Office Building

pls. give me advise and my emil id is aranpara_ca@yahoo.co.in

Hope your reply

Thanks

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)

06 March 2008 Details insufficient- What is the nature of property? What is the nature of transfer and so on.

CA Saurabh Maheshwari

CA Saurabh Maheshwari (Expert)

07 March 2008 YES THERE WILL BE LONG TERM CAPITAL GAIN. INDEXATION WILL BE ALLOWED BY TAKING BASE YEAR 1981

R.V.RAO

R.V.RAO (Expert)

07 March 2008 A DEPRECIABLE ASSET DOES NOT GET INDEXATION BENEFIT(BARRING A POWER GEN. UNIT....) AS ALSO BONDS, DEBENTURES ETC... ( WITH EXCEPTIONS)
OTHER ASSETS LIKE LAND GET INDEXATION BENEFIT(1981 AS BASE YEAR).
CAPITL GAINS NEED TO BE COMPUTED AND TAXED IRRESPECTIVE OF FULL OR PART OF PROPERTY BEING SOLD.
TO GET TAX EXEMPTION THE CAPITAL GAINS HAVE TO BE DEPOSITED IN A SEPARATE ACCOUNT AND INVESTED IN CERTAIN BONDS(SEC 54EC).
CERTAIN TRANSACTIONS FOR PURPOSE OF SEC 45 ARE NOT INCLUDED IN TRANSFER.
R.V.RAO

Ashish Ranpara

Ashish Ranpara (Querist)

11 March 2008 Dear Sir,

Can a person transfer it's Property not fully but part of property after a long time about to 35 to 40 years is liable to capital gain ?

if there is a four partner of property than How will capital gain calculated?

is there any provision for regarding exemption of such capital gain?

The Property is in the nature of Office Building and Transfer is Selling of This Building

pls. give me advise and my emil id is aranpara_ca@yahoo.co.in

Hope your reply

Thanks