Scribd Logo
Upload

Welcome to Scribd!

  • Capital Gain Case

    Uploaded by

    casamba306
    5 views2 pages
    1) Lakshmi Narayana Dhall Mill, a partnership firm, sold a piece of non-residential land for Rs. 3,22,53,000, generating a long-term capital gain of Rs. 46,93,146. 2) After deducting indexed cost of acquisition and improvement costs, the firm's total income was determined to be Rs. 46,93,150, on which a tax of Rs. 9,38,629 was levied. 3) Additional interest of Rs. 19,522 was also charged, resulting in a total balance tax payable of Rs. 9,95,700.

    Original Description:

    Capital Gain Case

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document
    1) Lakshmi Narayana Dhall Mill, a partnership firm, sold a piece of non-residential land for Rs. 3,22,53,000, generating a long-term capital gain of Rs. 46,93,146. 2) After deducting indexed cost of acquisition and improvement costs, the firm's total income was determined to be Rs. 46,93,150, on which a tax of Rs. 9,38,629 was levied. 3) Additional interest of Rs. 19,522 was also charged, resulting in a total balance tax payable of Rs. 9,95,700.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    5 views2 pages

    Capital Gain Case

    Uploaded by

    casamba306
    1) Lakshmi Narayana Dhall Mill, a partnership firm, sold a piece of non-residential land for Rs. 3,22,53,000, generating a long-term capital gain of Rs. 46,93,146. 2) After deducting indexed cost of acquisition and improvement costs, the firm's total income was determined to be Rs. 46,93,150, on which a tax of Rs. 9,38,629 was levied. 3) Additional interest of Rs. 19,522 was also charged, resulting in a total balance tax payable of Rs. 9,95,700.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 2

    A.Y.

    2024-2025

    Name : Lakshmi Narayana Dhall Mill P. Y. : 2023-2024


    P.A.N. : AATFS 4283 L
    Address : D.O.F. :
    N
    Status : Partnership Firm

    Statement of Income
    Sch.No Rs. Rs. Rs.

     Capital Gains
    LTCG-1 1 46,93,146
     Total Income 46,93,146
    Total income rounded off u/s 288A 46,93,150
     Tax on total income 2 9,38,629
    Add: Cess 37,545
    Tax with cess 9,76,174
    Interest u/s 234B 9,761
    Interest u/s 234C 9,761 19,522
     Balance tax payable 9,95,700

    Schedule 1
    Land / Non-residential building
    Date of acquisition 18-Jun-1979
    Date of transfer 01-Feb-2024
    Sale consideration 3,22,53,000
    Stamp duty value u/s 50C 3,22,53,000
    Less: Selling expenses
    Comission on sale of land 3,22,530
    Payment for permission from APIE including GST 1,31,192
    Property Tax Payment 22-23 45,665
    Duty on Impressing of Documents 4,50,000
    Property Tax 21-22 41,315
    Transfer Expenses 1,53,264 11,43,966
    Net sale consideration 3,11,09,034
    Acquisition details Financial Year Cost Indexed cost
    Cost of Acquistion-4066070*348/100 2001-02 40,66,070 1,41,49,924
    Cost of Improvement - Shed Construction and 2001-02 10,34,255 35,99,207
    Dismantaling Cost included-1034255*348/100
    Other Improvement charges-1834251*348/129 2007-08 18,34,251 49,48,212
    Gift Deed Registration Charges-753600*348/301 2020-21 7,53,600 8,71,272
    Legal Charges for title suit-1800000*348/220 2013-14 18,00,000 28,47,273

    ... 2
    2
    Lakshmi Narayana Dhall Mill Asst year: 2024-2025

    Total 94,88,176 2,64,15,888


    Taxable Capital gain 46,93,146
    Buyers' details
    Name and PAN / Aadhaar No. Share (%) Amount
    Manne Subba Rao - 618214852500 100 3,22,53,000

    Schedule 2
    Income Tax
    Long-term capital gain
    Taxable @ 20% 46,93,146 9,38,629
    Tax on total income 9,38,629

    Bank A/c: IFSC:

    For Lakshmi Narayana Dhall Mill


    Date : 01-Apr-2024
    Place :
    Authorised Signatory

    You might also like