Capital gain
This query is : Resolved
26 December 2009
Land concurred by king approx 200 year ago, the same land sold by fourth generation.
whether such sale of land taxable as capital gain or not?
if yes\no then give suitable case study.
whether such sale of land taxable as capital gain or not?
if yes\no then give suitable case study.
26 December 2009
Yes it is taxable. You need to take fair market valu on 01.04.1981. for cost of acq. and then convert it into indexed cost.
26 December 2009
It is taxable... Not taxable only if sale of agriculture land
26 December 2009
there is a case law in which decision was in favor of assessee. capital gain is exempt from tax if ancient property of king or ex-ruler sold.
please, if possible find case law and give me proper reply.
please, if possible find case law and give me proper reply.
28 December 2009
You have one case law in your favour i. e. CIT v/s H. H. Maharaja Sahib Shri Lokendra Singhji (1986) 162 ITR 93 (MP) high court where it was held as Tax on capital gains arises only in respect of those capital assets involving cost of acquisition—Tax not leviable where the element of cost is inconceivable—Jagir property gifted to the assessee's ancestor—There was no cost of acquisition in the ancestor's hands—Sale of a part of the Jagir property by the assessee— No capital gain accrued—Where cost of acquisition is not ascertainable, fair market price cannot be taken into consideration
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