Capital Gain
This query is : Resolved
22 October 2010
pls ans my latest query on Cap Gain on sec50C
22 October 2010
Please post your query.
23 October 2010
pls see my queries in my profile
question based on following quest:
Mr. Raj Kumar sold a house to his friend Mr. Dhuruv on 1st November, 2009 6 *^ for a consideration of Rs.
25,00,000. The Sub-Registrar refused to register the document for the said value, as according to him, stamp duty
had to be paid on Rs. 45,00,000, which was the Government guideline value. Mr. Raj Kumar preferred an appeal to
the Revenue Divisional Officer, who fixed the value of the house as Rs. 32,00,000 (Rs. 22,00,000 for land balance for
building portion). The differential stamp duty was paid, accepting the said value determined. Assuming that the fair
market value is Rs. 32,00,000, what are the tax implications in the hands of Mr. Raj Kumar and Mr. Dhuruv for the
assessment year 2010-11 ? Mr. Raj Kumar had purchased the land on 1st June, 2006 for Rs. 5,19,000 and completed
the construction of house on 1st October, 2007 for Rs. 14,00,000.
Cost inflation indices may be taken as 519 for the financial year 2006-07, 582 -for the financial year 2007-08 and 632
for the financial year 2009-10.
question based on following quest:
Mr. Raj Kumar sold a house to his friend Mr. Dhuruv on 1st November, 2009 6 *^ for a consideration of Rs.
25,00,000. The Sub-Registrar refused to register the document for the said value, as according to him, stamp duty
had to be paid on Rs. 45,00,000, which was the Government guideline value. Mr. Raj Kumar preferred an appeal to
the Revenue Divisional Officer, who fixed the value of the house as Rs. 32,00,000 (Rs. 22,00,000 for land balance for
building portion). The differential stamp duty was paid, accepting the said value determined. Assuming that the fair
market value is Rs. 32,00,000, what are the tax implications in the hands of Mr. Raj Kumar and Mr. Dhuruv for the
assessment year 2010-11 ? Mr. Raj Kumar had purchased the land on 1st June, 2006 for Rs. 5,19,000 and completed
the construction of house on 1st October, 2007 for Rs. 14,00,000.
Cost inflation indices may be taken as 519 for the financial year 2006-07, 582 -for the financial year 2007-08 and 632
for the financial year 2009-10.
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?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- GST on export of services and Input Credit
- TDS U/S. 194NF
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Applicable TDS rate for sale of property in Nov 2024
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- 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?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
