Capital gain

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

20 June 2012 Can you suggest me what will be tax liability for following:
This is housing property at Kandiwali

Purchase details

Agreement value 16,50,000/-
Agreement date 18 may 2006
Stamp duty paid 76,260/-

Sale details

Agreement value 105,00,000/-
Agreement date 21 may 2012
Stamp duty paid 4,95,000/-

we can take cii for 2012-13 as an assumed basis

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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20 June 2012 Sale Price 105 lakh
Less: Stamp duty 4.95 lakh
Net sale consideration 100.05 lakh
Less: Indexed cost of acquisition
cost (17,26,260)

LTCG shall arise

CA Kalpesh Gokani

CA Kalpesh Gokani (Expert)
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20 June 2012 stamp duty on sale of house property may not be deducted from sales value because in case of sale of property, stamp duty is always paid by purchaser...but if it is paid by seller it will be deducted from sale value as suggest by Mr. Bhardwaj

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