sale of land(block concept)
This query is : Resolved
03 September 2008
a co.has sold one of its land
now my quest.is it has other lands in land block i.e w.d.v of land has not become zero bu deducting sale price of land sold
quest.
1.is land come under the block concept
2.since there are other lands also so is there need to pay tax on profit on sale of this land (like in case of depreciable assets no tax until block continues)
-----all lands r urban so need to consider that point
----- land is not treated as stock,so dont consider that also
plz reply
thankx
now my quest.is it has other lands in land block i.e w.d.v of land has not become zero bu deducting sale price of land sold
quest.
1.is land come under the block concept
2.since there are other lands also so is there need to pay tax on profit on sale of this land (like in case of depreciable assets no tax until block continues)
-----all lands r urban so need to consider that point
----- land is not treated as stock,so dont consider that also
plz reply
thankx
03 September 2008
1 land does not comes under block.
2 capital gains tax is payable.
2 capital gains tax is payable.
04 September 2008
Block concept is applicable on depreciable assets.
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