Purchase of flat query

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Purchasing a flat for £6,900,000 without selling another property does not fall under the Capital Gains tax schedule. Instead, it's considered a fixed asset. You may need to report this purchase under a Fixed Assets schedule if required. Crucially, check if Tax Deducted at Source (TDS) was applied to the transaction.

deepak

deepak (Querist)
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16 April 2020 If a person has purchased flat of rs. 6900000 without sale of any flat. In this case purchased flat entry will come under capital gain schedule or any other schedule?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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16 April 2020 First of all confirm whether TDS has been deducted on the purchase transaction or not.
This will not come under Capital Gains Schedule.
This is a Fixed Asset and may be reported under the schedule of FA in a case where ever there is a requirement to report such purchase.