I hav some queries on capital gains:
1. is shop b considered residential or industrial or any other head wen exemption is to b claimed or cal of cg?
2. in case wen dda flat is alloted & wen it is actually acquired (on full payment) which date is to b seen to calculate cap gains (for COA) ?
3. in case of joint ownership while calculating cap gain in whose hand it will b taxable (clubbing, individual, both)?
Dear Priyanka
Ans.1 shop is commercial and not residential. this can be confirmed from the municipal records of the property. hence it may be taken as industrial
ans 2. the date for calculation of capital gains will be the date of possession. this is because, till the date of possession, ownership is not passed on to the buyer.
ans 3. in this case, i think proportionately in the hands of both the owners.
hope this is useful
ANKIT
CA Suraj Garg & Associates
New Delhi
CA Final
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CCI
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CAclubindia
