Query on Capital Gain Tax

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Guest

Dear All,

I have a question on Capital Gain Tax and would be greatful if you could advise me.

The total consideration for the flat was 40lacs and it was split as 30 for the flat (agreement cost) and rest (10) for the furniture. The gain from this deal is long term capital gain as I had bought the flat more than 5 years ago.

I am buying a new flat where I would use the sum received from the above deal. I wish to know if the money I received for the furniture is taxable at all or not.

Thanks & Regards,

Nikhil

Replies (5)

valji

Accounts manager-MBA

2150 Points Posted on 07 May 2011

since furniture is part of flat it shold be included in the cost so it can be taxable as long term capital capital gain tax

Guest

Thanks Valji for the reply. I have not mentioned the furniture etc in the agreement / sale deed for the flat. The deal for the flat was done with agreement cost only (30L). the rest of the amount has nothing to do with the flat as it is not mentioned in any document.

would it still be taxable as the long term gain?

Thanks & Regards