Is gst amount at the time of purchase
is including in the cost of acquisition?
to calculate capital gain?
please answer with section reference.
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CAPITAL GAIN
Replies (4)
in the above case there are two scenario
1. claiming ITC (input tax credit)
if you claim itc on gst paid at the time of purchase then, YOU CANNOT INCLUDE GST PAID IN THE COST OF ACQUISITION OF THE ASSET
cost of acquisition = total cost excluding GST
2. not claiming ITC
in this case GST paid is not claimed as input tax credit and add to the cost of acquisition
cost of acquisition = total cost including GST
YOU CAN SELECT ANY OF THE ABOVE
refer section 43
# for further information please reply
1. claiming ITC (input tax credit)
if you claim itc on gst paid at the time of purchase then, YOU CANNOT INCLUDE GST PAID IN THE COST OF ACQUISITION OF THE ASSET
cost of acquisition = total cost excluding GST
2. not claiming ITC
in this case GST paid is not claimed as input tax credit and add to the cost of acquisition
cost of acquisition = total cost including GST
YOU CAN SELECT ANY OF THE ABOVE
refer section 43
# for further information please reply
right, you can choose any one option
If itc on asset claimed.. Not required to add to cost of acquisition.. However if itc didn't claimed then you can added to cost of acquisition
Mohammed jain but i think input tax credit is not relevant so there is no senario because when you purchase the land or property than you are the person who pays the money then how can the person himself take the credit? am I clear?
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