Capital gain

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

07 November 2011 If any person received Agricultural Land as inherritance and subsequently it given to Pvt ltd for consideration other than cash (i.e share).
How to value this for capital gain perpose?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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07 November 2011 Please specify the location of Agriculture Land - whether in Rural area or in Urban Area.

The market value of shares will be the Sales Consideration for the purpose of Tax Calculation.
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In case of Rural Land -No capital Gain will arise.
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In case of Urban land indexation will be done on the basis , when the assessee first became the owner of the asset.
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Please wait for the views of other experts also.

CA MANOJ GUPTA

CA MANOJ GUPTA (Expert)
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08 November 2011 iNDEXATION WILL BE DONE FROM THE YEAR WHEN PREVIOUS OWNER FIRST ACQ THE ASSET. SEE THE DECISION IN KAMAL MISHRA, MINA DEOGUN, LATA G ROHRA AND OTHERS IN THIS REGARD.
I AGREE WITH BALANCE PART OF REPLY BY SH PARASJI

CA MANOJ GUPTA
JODHPUR
09828510543

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