Calculation of Capital gains

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Dolly Jagad (Querist)
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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.

CA Hemant T Dewani

CA Hemant T Dewani (Expert)
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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.