03 July 2016
I hav a doubt in this question!
Land was purchased on-10/2/2006 for Rs 120000, After few yrs a shed was constructed on tht land in 2010-11 for Rs 625000, on 30/6/2016 land was sold for 16 lakhs, The market value of land is 2500000.My question is what will be the sale consideration?
04 July 2016
you have not disclosed the market value of shed..... assuming it to be a redundant/unwanted data in the question... as per section 50C, the ready reckoner value shall be taken for computing capital gain......(Hope the word market value as used in your query resembles ready recknor value)
CAclubindia
