Calculation of Capital gains
This query is : Resolved
30 May 2008
Here is the Case.
An agricultural land is purchased in the year 1961 for Rs. 3000/-. Later it is registered for Rs. 2 Lacs in the year 1981. In 2007 it is sold for Rs. 55 Lacs. In 2008 the same land is registerd for Rs. 1 Crore.
For the above case which Amount should be considered for calculation of Capital gains? whether Rs. 55 Lacs is to be considered or Rs. 1 Crore? Please let me know...
Thank you.
An agricultural land is purchased in the year 1961 for Rs. 3000/-. Later it is registered for Rs. 2 Lacs in the year 1981. In 2007 it is sold for Rs. 55 Lacs. In 2008 the same land is registerd for Rs. 1 Crore.
For the above case which Amount should be considered for calculation of Capital gains? whether Rs. 55 Lacs is to be considered or Rs. 1 Crore? Please let me know...
Thank you.
30 May 2008
50C
Transfer of Land &/ or Building.
Value declared by the assessee or Value as assessed by Stamp valuation authority whichever is HIGHER.
50C
Transfer of Land &/ or Building.
Value declared by the assessee or Value as assessed by Stamp valuation authority whichever is HIGHER.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Confusion around Form 26QB fields
- Sale of property furniture sale
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- BUYING PROPERTY COULD NOT FILE 26QB
- Gst input for FY 23-24
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
