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Chargeable gain

This topic has 1 reply, 2 voices, and was last updated 3 years ago by mrjonbain.

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December 7, 2021 at 3:23 pm #642915
Anonymous11
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- Topics: 18
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Father sold a warehouse to his son for 10000 pounds. Market value at the time of sale was 35000 pounds.
Warehouse was used by son for business use.
What we will take cost or Market value in the calculation of chargeable gain?
December 22, 2021 at 12:44 pm #644681
mrjonbain
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- Topics: 6
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Since son is a connected person to the father actual consideration paid will be ignored in chargeable gain calculation of father and the market value will be used in place of this figure. Hope this helps.
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