A land was purchased by a proprietary concern in 1979 for redevelopment purpose, only a building was constructed and this property was sold in 1984 for Rs3.5 lac and the sales proceeds were to be received in installments of Rs50000/- each. the last installment is still pending. if the proprietary concern receives the last installment as of today what would be the capital gains tax implications????
please reply.....
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capital gain query
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| Originally posted by : netravali | ||
 |
A land was purchased by a proprietary concern in 1979 for redevelopment purpose, only a building was constructed and this property was sold in 1984 for Rs3.5 lac and the sales proceeds were to be received in installments of Rs50000/- each. the last installment is still pending. if the proprietary concern receives the last installment as of today what would be the capital gains tax implications???? please reply..... |
 |
a) cost of land required
b) cost of building required and with date
c) year of sale instrument required ( registered deed)
irrespective of installment payment dates, the sale date would be the date of transfer and tax is payable as per rate and rules effective in AY1985-86
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