Property nt shown in b/s
This query is : Resolved
Mayank Garg
(Querist)
02 March 2012
If some property like plot has nt been shown in property then what do whenit iss sold out...???
Nd the assesse can invest the capital gaun amt in name of his children & claim exemptiion
Nd the assesse can invest the capital gaun amt in name of his children & claim exemptiion
CA PARAS BAFNA
(Expert)
03 March 2012
It depends upon the fact that whether the asessee is filing his Balance Sheet also with his return of income. Further the Cost
of Acquisition is also an important factor.
.
If the plot has not been shown as an Asset in the balance sheet then check whether in the year of purchase whether it has been shown as withdrawal from the capital account.
.
For capital gains exemption amount has to be invested in assessee's own name to avoid one more litigation.
.
of Acquisition is also an important factor.
.
If the plot has not been shown as an Asset in the balance sheet then check whether in the year of purchase whether it has been shown as withdrawal from the capital account.
.
For capital gains exemption amount has to be invested in assessee's own name to avoid one more litigation.
.
Mayank Garg
(Querist)
03 March 2012
The assesse is nt filing b/s with itr..neithrr hr has shown the amt of plot as drawongs in year of purchase
CA PARAS BAFNA
(Expert)
04 March 2012
In case the value of plot is not much higher in compare to his past returned income,
capital gains may be computed on the transaction of sale of plot. He can invest the sales consideration in a residential property in joint names of him and his children.
capital gains may be computed on the transaction of sale of plot. He can invest the sales consideration in a residential property in joint names of him and his children.
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