A private Ltd comapny purchased 4880 sq yards of land worth Rs 60 lacs in 1992. It sold 1870 sq yrds worth Rs 30 lacs in january 2016.It is not involved in any kind of business and more or less non working company just having this land asset. is any kind of capital gain, advance tax or income tax applicable for the FY 15-16 for that matter any kind of tax. Kindly give an expert opinion please ASAP.
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Wether any kind of income tax applicable or not the company
Replies (11)
Long Term Capital Gain Tax will be applicable based on capital gain calculations.
It shall arise in Long Term Capital Gain.
The assesse shall have to tax @ 20% on the Capital Gain.
what about the index
yes, capital gain shall be calculated on the basis of indexation
can you please calculate it for me ?
thanks
Cost Price of 1870 sq. ward = (6000000*1870)/4880
= 22,99,180
Calculation of Capital Gain:
Sale Proceeds of 1870 sq. ward = 30,00,000
(Less) Indexed Cost of Acquistion = 22,99,180*1081/223
= 1,11,45,354
Long Term Capital Gain = (81,45,354)
There is a loss in the Capital Gain. These amount can be carried forward for the future years.
So, their shall not be any liability of capital gain tax
The Loss you have calculated is for FY 15-16. If the return has not been filed on time than how can the loss be carried forward?
Since, the return cannot be filed timely, hence in this case benefit of the loss on capital gain cannot be availed.
will MAT not be applicable?
kindly reply please its urgent.
No,
MAT shall not be applicable
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