capital gain
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22 Terms
charging section no
45
golden rule of this head
on accrual basis
rural agricultural land is capital asset or not
NOT A CAPITAL ASSET
IMMOVABLE ASSET for personal use is capital asset or not
YES IT IS A CAPITAL ASSET IRRESPECTIVE OF WHETHERE USE FOR BUSINESS OR PERSONAL AND WETHER INTANGIBLE OR TANGIBLE
GOLD BONDS NOT FROM CG
NOT A CAPITAL ASSET
7% CAPITAL INVESTMENT BONDS
NOT A CAPITAL ASSET
SPECIAL BEARER BONDS 1991
NOT A CAPITAL ASSET
Moveable asset for personal use
NOT A CAPITAL ASSET (exception sadjaps)
movable asset for business use
it is a capital asset
jewellery
it is a capital asset
scluptures
it is a capital asset
Archeologicl collections
it is a capital asset
drawings
it is a capital asset
any other work of art
it is a capital asset
paintings
it is a capital asset
shares & bullion
it is a capital asset
format of capital gain
sale consideration
- exp to sale
= net sale consideration
- cost of acquisition
-cost of improvement
capital gain/loss
what expense to sale (variable cost )consist
brokerage commission interest
what expense to sale (variable cost ) does not consist
rent , ele expenses, salary etc
components of COST OF ACQUISITON
purchase price
+
capital exp initially incurred
+
as 16 borrowing cost
+
morgtage clearance