Tax on land given as gift
This query is : Resolved
Amit Kumar Mukim
(Querist)
09 September 2019
I had purchased a Multi storied building in the Year 1998 at a cost of Rs. 4 Lakh. In ground floor of the building there where shops which where rented. Since the last 20 years a court case has been running with one of the tenants.
now i have come on settlement terms with the tenant. i will demolish the building and construct a semi commercial multi storied building in which i will give a shop to the tenant on ownership at free of the cost. but the FMV of the portion which i will be giving is nearly Rs. 42 Lakh. What will be the tax implication on this.
now i have come on settlement terms with the tenant. i will demolish the building and construct a semi commercial multi storied building in which i will give a shop to the tenant on ownership at free of the cost. but the FMV of the portion which i will be giving is nearly Rs. 42 Lakh. What will be the tax implication on this.
CA R SEETHARAMAN
(Expert)
09 September 2019
On surrendering tenancy Rights the person is getting shop worth of 42 lacs. So the entire 42 lacs will be considered as capital gain and 20% tax payable on it.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Gst credit note by supplier
- Movement of goods by packers and movers - type of sale - Reg.
- GST on reimbursement of expenses
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Missed uploading GST Invoice
- Query on effect of registration of property
- Gratuity paid to legal heir above 20 lakh is taxable or not
- Wrong CMPo8 file
- Equity Share Sale and Purchase
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
