Capital Gain Query on Sale of Land?
This query is : Resolved
07 March 2009
Friends,
One of my Assessee having 3 lands ownerships in percentages amongst brothers in Baroda Area. Where the Assessee decided to retain only 1 land and sale the 2 land ownership percentages/rights to other brothers and on sale my assessee receives the amount of sale consideration and against which 1 he retains he pay off to his brothers share as purchase consideration.
i.e. Land 1 (which my assessee retains) pay off his brothers Rs. 54.00 Lacs (purchase consideration)
Land 2 (which my assessee receives on his brothers on sale Rs. 30.00 Lacs (sales consideration)
Land 3 (which my assessee receives on his brothers on sale Rs. 40.00 Lacs (sales consideration)
Now query is that on calculation of indexation if capital gain arrives some amount, can I claim the CG against my new purchase, under section 54EC upto Rs. 50.00 Lacs as per REINVESTED in Land.
The whole transaction is done in Baroda Area within the Municipal Corporation Limit.
Please give URGENT Feed Back because 15th March, 2009 is nearest for Advance Tax if you resolve the query fast so I can make the payment in time
in Short can i claim gain against my purchase land?
Waiting your reply.
NILESH H GAJJAR
One of my Assessee having 3 lands ownerships in percentages amongst brothers in Baroda Area. Where the Assessee decided to retain only 1 land and sale the 2 land ownership percentages/rights to other brothers and on sale my assessee receives the amount of sale consideration and against which 1 he retains he pay off to his brothers share as purchase consideration.
i.e. Land 1 (which my assessee retains) pay off his brothers Rs. 54.00 Lacs (purchase consideration)
Land 2 (which my assessee receives on his brothers on sale Rs. 30.00 Lacs (sales consideration)
Land 3 (which my assessee receives on his brothers on sale Rs. 40.00 Lacs (sales consideration)
Now query is that on calculation of indexation if capital gain arrives some amount, can I claim the CG against my new purchase, under section 54EC upto Rs. 50.00 Lacs as per REINVESTED in Land.
The whole transaction is done in Baroda Area within the Municipal Corporation Limit.
Please give URGENT Feed Back because 15th March, 2009 is nearest for Advance Tax if you resolve the query fast so I can make the payment in time
in Short can i claim gain against my purchase land?
Waiting your reply.
NILESH H GAJJAR
07 March 2009
Dear Nilesh,
No you can't. Sec 54EC is for CG on transfer of LTCA when invested in Specified Bond. Here No Specified Bond are purchased, EC is not available for purchase of land.
No you can't. Sec 54EC is for CG on transfer of LTCA when invested in Specified Bond. Here No Specified Bond are purchased, EC is not available for purchase of land.
08 March 2009
Also, the investment in 54EC is not an "Upto" investment.
The max limit is 50 lacs.
If u invest 55 Lacs it will not be allowed as exemption.
So, better invest 50 Lacs only.
The max limit is 50 lacs.
If u invest 55 Lacs it will not be allowed as exemption.
So, better invest 50 Lacs only.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Inventory of finished goods
- Confusion around Form 26QB fields
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Disallowance of Section 43B(h) to sez units
- RCM INVOICING FROM NOV-2024
- Tds on building rent monthly
- GST Regis.
- Sale of property furniture sale
- Is correct way to find out capital of individual on 31st March
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
Trending Online Classes
CAclubindia
