Capital gain

This query is : Resolved

Amar (Querist)
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15 August 2014 I received the land from my father as transfer of ownership on in 2008. Now I want to sell it for Rs. 5 lakhs. what is the cost of acquisition? And what is tax liability? Should I get any deduction by reinvesting? Whether it taxed by special rate or normal rate?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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15 August 2014 cost of acquisition shall be the cost to his father.

the tax liability shall be dependent on the final computed capital gains. If there are any capital gains, the can be avoided by reinvesting the total consideration (rs 5 lakhs) to buy a house property under section 54F or by investing as per section 54EC.

Rupesh Jain

Rupesh Jain (Expert)
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16 August 2014 cost take as previous owner cost ( your father or who's from your father take (as you recd from father)
and you can make invest in 54EC bond or in residential house u/s 54F.

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