LTCG ON SALE OF DEPRECIABLE ASSETS
This query is : Resolved
12 February 2021
FACTS :-
1. Land was inherited.
2. Assessee constructed hotel building on it during FY 1995-96
3. Hotel business has been running since then and Depreciation is being charged on Hotel bldg.
4. Now opening balance of Building as on 01/04/20 is say Rs 75.00
5. How to calculate LTCG if assessee wants to sell this Hotel for Rs 200.00 ??
Please help...!!
1. Land was inherited.
2. Assessee constructed hotel building on it during FY 1995-96
3. Hotel business has been running since then and Depreciation is being charged on Hotel bldg.
4. Now opening balance of Building as on 01/04/20 is say Rs 75.00
5. How to calculate LTCG if assessee wants to sell this Hotel for Rs 200.00 ??
Please help...!!
28 September 2021
You need to segregate first the sale price of both the land and building.
For building the cost price is not indexed, though final gain is treated as LTCG.
For building the cost price is not indexed, though final gain is treated as LTCG.
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
- Multiple payment of self assessment tax for A Y 2025-2026
- CAPITAL GAIN REDEVELOPED FLAT
- Requirement under FEMA &RBI
- CLOSING STOCK QUERY
- REGARDING ITR FILING QUESTION
- Gst reverse charge mechanism to be claimed in the month of payment
- ITR 44AD SECTION
- ITC BENEFIT ON BROKRAGE PAID
- Itr processing refund
- F&O reporting in ITR
- WHERE I SHOW GST 0% INVOICE IN GSTR1 (EITHER TABLE 7 OR TABLE 8)
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
- FEMA/RBI treatment — Amazon.ca arbitrage (US buy, Canada sell, goods never enter India)
- Goods return by customer
- INWARD REMITTANCE FOREIGN
- CPC and SAC
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
