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Capital gain

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512 Points Posted on 14 October 2018
whether a firm/company can claim indexed cost of acquisition on transfer of land (fixed asset) held for more than 3 year or STCG has to be calculated u/s 50 of I.T.Act?
however, section 50 is applicable to depreciable assets, but we dont claim depreciation on land
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On 14 October 2018 at 14:47 Report
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Student CA Final
431 Points Posted on 14 October 2018
if land is long term capital asset, indexed cost of acquisition will be reduced from sale consideration. if sale consideration can't be determined then fair market value on date of transfer shall be considered
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On 14 October 2018 at 20:44
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Chartered Accountant
1272 Points Posted on 14 October 2018
Indexation benfit is allowed as per Section 48. I ithink since land is not a depreciable asset Section 50 is not applicable.

Exemption u/s 54EC is also allowable since the section does not uses the word Individual / HUF specifically. It uses the word Assessee and Assessee can be a company / Firm also.
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On 14 October 2018 at 21:02
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6 Points Posted on 14 October 2018

 sanpseed for pc windows 10 Some like to click, some write, some paint while some record. We all have our own ways to record our precious moments, so that we can live them again and again

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On 14 October 2018 at 22:40
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6 Points Posted on 15 October 2018
Originally posted by : navi ave
 snpseed for pc windows 10 Some like to click, some write, some paint while some record. We all have our own ways to record our precious moments, so that we can live them again and again

 

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On 15 October 2018 at 00:05


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