Taxable or not

This query is : Resolved

Abhishek Roy Choudhury (Querist)
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12 July 2015 Dear Sir,
A partnership firm had sold a shop which was quite old and there was no documents for purchase of the shop and the firm now sold the shop and the amount received from the sales proceeds how it will be taxable in income tax or any other opinion from you that how the amount could be utilized so that there would be no problem in the future.

Please reply at the earliest.

Thanks in Advance,
Abhishek Roy Choudhury.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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12 July 2015 It will be treated as long term capital gain. Pay 20% long term capital gain tax on the entire sale proceeds as no cost of acquisition details available.

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Abhishek Roy Choudhury

Abhishek Roy Choudhury (Querist)
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12 July 2015 Dear Sir,
I have seen your reply and thankful to you for your reply but I want to know that whether there would be any problem in the future from the part of the I.T. Department as there is no documentary proof of purchase of the shop.

Please reply as early as possible.

Thanks in Advance,
Abhishek Roy Choudhury.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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12 July 2015 You are not claiming any deduction for purchase cost so no document will be required bu IT department. If you pay 20% tax you will not face any problem.

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