If a person has purchased flat without sale of any flat. This case purchased flat entry is neccessary to show in capital gain schedule?
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Purchase of property query
Replies (3)
Not at all
You have just purchased a flat.
You have not sold any flat and so there is no capital gain.
You have just purchased a flat.
You have not sold any flat and so there is no capital gain.
1. Capital gain will arise only when there is a sale of capital assets resulting in gain.
2. In your case, you have just made a purchase and that way it will never affect your tax liability. Update needs to be made in the FA schedule with capitalization cost.
Please correct me if the above solution has an alternative view.
fixed assets schedule on income tax return form??
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