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New Sec 15BAA for Companies

This query is : Resolved 

Sir, one of our client is a company it has not started its business since inception. in there only land and building and no depreciation is charged since inception its book value is Rs 3.75 Cr. Now we are selling that land for Rs 12.50 Cr. I want to Ask
1. Do we have to exercise to option of Sec 115 BAA this year itself i.e while filing ITR of A/y 2020-21 as in next year this window will be closed. or can be apply next year also.
2. Will MAT be applicable on this capital gain if we remain in old regime.
3. Will Capital gain be taxed at normal 20% slab whether we are in old provision or Sec 115 BAA.
4. Whether indexation be allowed to us as no depreciation is claimed.
5. If we go for new scheme we are having brought forward loss of Rs 26.50 Lacs can we setoff it under new Sec 115BAA As the Sec Blocks Sec 72A losses and not Sec 72

1 you can apply next year also window will not be closed.
2 yes MAT applicable.
3 Capital gain will be taxed at normal 20% slab whether you are in old provision or Sec 115 BAA.
4 yes Indexation allowed.
5 yes you can claim allowed losses.


Thanks a lot for your prompt reply

But sir, if mat is applicable then we can pay tax @15 % instead of capital gain. Is my stand correct

Not right, calculate tax on both and whichever is higher is payable.


Bajaj Finserv

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