Tax on capital gain
This query is : Resolved
27 November 2012
Dear Experts,
Our Company sold Land & Building in FY 2012-13
Land Purchase Cost 7129422.00 (Rs.13119368.00 index price)
Sold at 90762000(after deducting Brokerage)
Building and other assets WDV
Building WDv as per IT 12125435.23
Furniture 352526.00
Electrical inta. 422260.00
Elect Deposit -813000
Factory Equipments WDV 38700
Total 13751921.00
Sold at Rs. 2,25,00,000.00
Please help us to calculate minimum tax on capital gains
Our Company sold Land & Building in FY 2012-13
Land Purchase Cost 7129422.00 (Rs.13119368.00 index price)
Sold at 90762000(after deducting Brokerage)
Building and other assets WDV
Building WDv as per IT 12125435.23
Furniture 352526.00
Electrical inta. 422260.00
Elect Deposit -813000
Factory Equipments WDV 38700
Total 13751921.00
Sold at Rs. 2,25,00,000.00
Please help us to calculate minimum tax on capital gains
CA CS Amit S. Kedia
(Expert)
27 November 2012
1.land being not a depreciated asset, capital gain shall be -
Rs. 90762000-13119368= Rs. 77642632
(it should be a long term asset, capital gain would be chargeable to tax @20%)
2.For calculating capital gain on depreciable assets you need to have actual cost of assets in each block.
Selling price over and above the actual cost will be capital gain(short term always, no indexation)
Rs. 90762000-13119368= Rs. 77642632
(it should be a long term asset, capital gain would be chargeable to tax @20%)
2.For calculating capital gain on depreciable assets you need to have actual cost of assets in each block.
Selling price over and above the actual cost will be capital gain(short term always, no indexation)
CA Ravi Kumar
(Expert)
27 November 2012
yes, agree with mr. amit
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