Sir, we had a property used as business asset, we have claimed depreciation on the assest for 8years, after which the business was not carried out and hence Depreciation was not claimed for about 9years. Now if we sell the Property, would that be considered as Short Term Capital Gain or Long Term Capital Gain? Would the sale of assest attract 50C or we can claim it as long term Capital Gain. Please suggest.
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Tenanted Flat in the name of Grand Father Cost of Acquisition: Not Known Acquired by Grandfather in the year Prior to 1961 Grand Father Expired in the Year 1972 Permanent Alternate Accommodation Agreement (PAAA) Between My Father (Only Legal Heir) and Land Owner cum Developer registered on 26.12.2013 Value of the flat as per Stamp duty Authority as on 26.12.2013 was Rs. 12.86 Lakhs Condition in PAAA: Tenancy Will Surrender only on receipt of possession New flat on Ownership Basis My Father Expired on : 07.01.2018 Full OC received on : 25.03.2021 Possession of new flat on ownership basis handed…
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Residential Flat in Mumbai Flat Purchased on 13.10.2015 Total cost of Acquisition including stamp duty and other charges Rs.45 Lakhs Society gone for Redevelopment Development Agreement Registered between society and Developer on 01.07.2015 Permanent Alternate Accommodation Agreement (PAAA) Between Flat Owner and Developer registered on 05.05.2017 Value of the flat as per Stamp duty Authority as on 05.05.2017 RS.21 Lakhs Full Occupancy certificate received on 14.08.2020 Sold on 10.08.2021 Sales Consideration RS.85 Lakhs Query: Taxation of Capital gain in which Year and also Whether it is short term or Long considering Section 45(5A) effective from AY 2018-2019 Transfer U/s.2(47)(v) section…
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For the purpose of deduction u/s 54F of Income Tax Act whether the words ‘full value of consideration’ contained in section 50C will be applicable or the actual sale consideration value as specified in the sale deed will be applicable.
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Dear Sir, A portion of my land which is non agricultural was acquired by the Govt.of Kerela for construction of a bridge in 2017. During this time they had verbally mentioned that this was tax free. They gave me the compensation for the land acquired, but now I am being told that I have pay capital gain tax for this. Can i just ignore this and avoid paying tax for this compulsory acquisition of non agricultural land? This is really unfair that the govt. takes land forcefully from people and then we are forced to pay tax on compensation given…
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Assessee is a company, who has invested in a share of unlisted public company in the year 2006 having total cost Rs. 42,00,000/-. In the month of October 2020, the assessee company has received a letter informing them about capital reduction pursuant to resolution plan approved by Hon'ble NCLT and informed that entire existing, issue, subscribed and paid up share capital of said unlisted public company held by existing share holders stands cancelled and extinguished. Therefore, the value of shares of the said unlisted public company becomes Zero. Issues: Whether the assessee company can take the benefit of indexation of…
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If assessee get redeveloped flat today against his old flat and same is sold after 2 years , the cost of acquisition would be stamp duty value as on today?
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When Mr A wants to sell a ownership flat received free by him on surrender of tenanted flat at the time of redevelopment . What is its cost and what is period of holding ?
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How can a buyer ascertain whether a seller is having tax dues ? what is the liability of a buyer who has bought property from a seller having tax dues ?
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can a tenant adopt value as on 1-4 -2001 for indexation while surrendering rights ?
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Section 50C applicablity