09 January 2013
my dad had a property in city X. He died in 2001 . This property is ancestral.. Bought at unknwn price before 81. Few months back i got it transfrd in my name,my mom n sis name. this property is in our name but few ppl have constructed huts here. We cant throw them out . Sinnce we need urgent moneey so we agreeed to sell it in 12 lakh . The buyer is paying the stamp duty on the market value which is 51 lakhs. Now the probb is .. Capital gain tax . The cost of acquisition after indexation is around 9 lakh. Confusion is what should be the fvc .. Most ppl sayin that it dept will take it as 51 lakhs and in which case i will have to pay huuge cap gain. I m jus getting 12 lakh.. as per it shouldnt this be considerd as fvc ? plz remember we are 3 ppl .. So if required we will take 4 lakh in 3 names equalling to 12 lakhs.
10 January 2013
The valuation as done by the ready reckoner may be challenged. A separate adjudication officer is present. You will get the address of the same at the office where you will be registering the "agreement to sale" amolshankar@gmail.com
CAclubindia
