03 October 2012
THE ASSESSE HAS SOLD URBAN AGRICULTURAL LAND ON 20/02/2012 FOR Rs.50.00 LACS. THE STAMP VALUATION OF THE SAID LAND IS Rs.1.15 CRORE. THE ASSESSEE HAS INVESTED Rs.40.50 LACS FOR CONSTRUCTION OF RESIDENTIAL HOUSE PROPERTY (RHP) BEFOR 31/08/2012. THE FAIR MARKET VALUE OF THE SAID PROPERTY AS ON 01/04/1981 WAS Rs.4.00 LACS. THE INDEX WAS Rs.31.40 LACS THEREFORE THE AMOUNT OF CAPITAL GAIN AS PER SEC 50C COMES TO Rs.83.60 LACS. WHAT WILL BE EXEMPTION U/S.54F RS.40.50LACS OR AMOUNT INVESTED FOR RHP x CAPITAL GAIN / NET CONSIDERATION i.e. 40,50,000 x 83,60,000 / 50,00,000 = 67,71,600.
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