Sir,
Assessess jewellery business in owns commercial property property purchase value rs:15 lacs year 2018.but recently government assessess commercial property occupied after demolished for the purpose road extension purpose. amount received from government rs:25 lacs f.y.23-24.
Question:
Assessess capital gain tax applicable for f.y.23-24.
Navigating the jewellery business can feel like playing Wordle Unlimited – a series of calculated moves. You bought the commercial property for 15 lacs in 2018. Now, the government compensated you 25 lacs in FY23-24 due to road extension. Determining the capital gains tax requires careful consideration, like solving Wordle Unlimited in the fewest tries. Understanding the rules is key to succeeding in both.
If I bought a property for 15 lacs and received 25 lacs in compensation due to government acquisition, is that taxable? Yes, the profit is likely taxable as capital gains. I had a similar situation years ago with land and had to pay capital gains tax on the difference between purchase price and compensation. Is this something also applicable to Geoguessr Free ?
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