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Long Term capital gains zzzz
Sir with due respect I want to know that I am the owner of commercial building and land which was purchased in the financial year 2018-2019 for Rs 2400000/- now I want to sell the said land and building in the financial year 2022-23 for Rs 3400000/- .Sir on this land and building I have spend a sum of Rs 700000/- Lac on account of renovation to the said building.Sir the said recd.amount will be used in business purposes.Sir I want to know that can I am use this amount for business purposes.Thanks
Replies (4)
Whether any depreciation was claimed over the building?
Depreciation claim is an important aspect.
Sir no depreciation has been claimed in any year
Yes, you can utilize the amount for any other purpose, even for business requirement; but check for any LTCG tax liability.
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