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Cgt consequences of demolishing your home and selling srcap of the house

Others 210 views 6 replies
Plz tell me asap.
Replies (6)

What was the treatment? investment or depreciable asset? Sold with any gains or loss? 

Dear Sir, 

 

I have purchased a land in  2006. and on it i made a house by spending 455000

now the i demolished my building on 1-4-2015 and scrape of it i have sold for Rs.400000.

investment is not depreciated

 

Do you have all the bills related to spending of 4,55 L ?

Does the amount include land cost?

Can you sagregate cost of building from land?

yes i have all bills

no Amount of land is separate

yes i can segregate cost

Assuming you have retain the land, you have different options to adjust the loss of 55 K, as LT capital loss, or even loss from other sources which can be adjusted against any of your other income.


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