I had two car parking space, 1st open parking with cost 1 lakh and the other closed parking cost 2 lakh. I enter I to agreement to sell the open space at 4 lakh and the sale was registered and at the time of transferring possession the buyer argued that he wished to buy closed one.
Then I entered into another agreement to exchange the open space with closed space with extra consideration of 2 lakh.
What will be my Total capital gain considering all above happened in same year!?!
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Capital Gain
Replies (3)
6 lacs will be your sale consideration and 2 lacs is cost
so balancing amount 4 lacs will be your gain (short term)
so balancing amount 4 lacs will be your gain (short term)
STCG or LTCG would depend on the Period of holding as per section 2 (42A), I.e. Held for 2 years or less - STCG.
More than 2 Years - LTCG.
(Note: Agreement to sale should be in the Same P.Y. , Otherwise effect of Capital Gain previously treated should be adjusted.)
More than 2 Years - LTCG.
(Note: Agreement to sale should be in the Same P.Y. , Otherwise effect of Capital Gain previously treated should be adjusted.)
1st sale is In The same year, sale consideration 4 lakh, cost of acquisition 1 lakh.. Will profit of 3 lakh on 1st sale be taxed along with 4 lakh profit for second agreement of exchange.?
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