Answers On Topic: Capital Gains
Mr. A is a proprietor of various business having different trade name and place of business but the nature of business is same. Can he transfer the business to M/s. A Ltd company after retaining immovable property in his name so no capital gain tax is payable. Is it necessary to transfer it’s entire business with all assets and liabilities to the A Ltd company?
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Facts of the Case The Taxpayer holds unlisted shares and optionally convertible debentures (OCD) in one of the Private Limited Company (say “ABC Private Limited”). The Debentures and Shares both are held by the Taxpayer for more than 5 years. Now the ABC Pvt Ltd incurred heavy losses and became debt ridden and the company was taken into liquidation under the IBC by one of the financial creditors. The liquidation order was passed by NCLT in February 2024 dissolving the company with immediate effect. The taxpayer received nothing on liquidation since company did not have any funds for distribution to…
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Hi I am Chetan Desai I have 250 soft 1 room kitchen in chawl since 1950 in 2021 my room is going under redevelopment . Now I get 440 sqft flat and my flat allotede on 18 April 2022 and get registered on this day Now I want sell my flat after oc recived how property capital gain calculat and how much I have to pay? Or nil I have to pay pls advice
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Sir, I was a tenant in Pagri system. In April,2022 I signed an agreement with a builder for redevelopment. I am expected to receive OC of my new flat in lieu of my old flat in August 2024 and would like to sell it off in the same month, what capital gain I will attract? Chetan Desai
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Dear Sir, I Sold my property in the year 2023 for a sale consideration and made a separate agreement for the sale of furniture & fixtures. So both the Building cost and Furniture & Fixtures cost credited to my account separately.. Building Sale Stamp duty paid and TDS Deucted 1 % For Furniture & Fixtures made an agreement in Rs.200 stamp paper but deducted 1 % TDS by the Buyer. Do I need to pay any capital gain or any tax on the sale of Furniture & Fixtures in this or totally exempted. Secondly in ITR 2 , where i…
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The AO passed the order with a condition that the the assessment will be revised once the DVO report is available. The assessee filed an appeal before CIT(A).Is it possible to revise the assessment us264 after the revised assessment order is received. Please clarify. Thanks
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I Received Flat in respect of redevelopment of Chawl in agreement with builder acquisition cost is Zero, market values is 1850000/- now question what should be Acquisition cost while calculation capital gain ?
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if the assessee died in year 2018 and Capital gain arise in the year 2015 and the legal heir of the deceased person which was his children are minor at that time and their mother are Doesn't have knowledge as house wife and income tax impose interest on Capital gain is there any chance that this interest waived?
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Hello , In one of the CHS's case , redevelopment agreement entered into between Society and Builder. Redevelopment agreement got registered and builder had paid stamp duty on the same. Subsequent to this , department has sent notice to Society claiming that since the agreement is entered into between society and builder and society has benefitted with the sum of Rs......( Value of Development agreement) in the form of new construction, enhanced area and rental expenses in the existing property as per the agreement which is otherwise taxable under the head Income from Other Sources. Whether the said valuation…
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(Capital gain on Slump sale)