Easy Office
LCI Learning

Sec 54 B

This query is : Resolved 
Profile Image

Profile Image

(Querist)
24 December 2010 Hi,

What is the meaning of cost of new asset under sec 54B?

Weather it is as per Government Valuation or actual cost incurred by the assessee (including stamp duty, brokerage etc.)?

please give details of relevant case law if any .
Profile Image

Gayathri Devi

Profile Image

Gayathri Devi (Expert)
24 December 2010 Hello Mr.Fazal

As per section 54 B it is as per Government Valuation
Profile Image

Fazal

Profile Image

Fazal (Querist)
24 December 2010 Hello Gayathri Devi,


You mean to say that, if the Gov Valuation is less than actual cost, assessee can claim exemption u/s 54B only to the extent of value determined by Govt Authorities.
Upgrade to CAclubindia Pro. Subscribe Now!

Profile Image

CA Shailesh Kumar Bhagat

Profile Image

CA Shailesh Kumar Bhagat (Expert)
24 December 2010 Cost of new assets will be computed as per the amount invested ( including stamp duty and brokrage also)

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries


CCI Pro
Live Budget News and Updates

Trending Online Classes

view all classess
Let's Talk Money: You've Worked Hard for It, Now Make It Work for You
Click here for more bestsellers


Answer Query



Quick Links