Capital gain

In my opinion Capital gains are charged on 41 Lakh Rs.  because whiln calculating Capital Gains if u look at the definition of Sale Consideration Charged is the value at which property is sold or value for Stamp Duty.

So in that case as ur client hv made an amendment in documents and also deposit the stamp duty in that case it is advised to deposit balance tax with the deptt along with interest , if any.

As the property value is Rs. 41 Lakh  so if u try to hide information from department they will know about it

through Annual Information Return (AIR) submitted by stamp value authority and i think they have to submit details of transaction above the value of 30 Lakh Rupees.

If deptt comes to know abt dt dn dey will issue SCN to assessee for concealment of income.

So, show the value as 41 Lakh and pay tax on that amount

This will not amount to transfer u/s 2(47) and hence the question of Capital gain doesn't arise. But, assuming the property to be an investment not used for business purpose, as per AS 13, the same is to be valued only at cost and not at the Market Value. 

thanks guys,im reading it,will be replying soon

Dear Mohit,

so as per ur opinion ,my client should be paying his capital gain tax on 30 Lacs,right ?

and that be a short term capital gain, right ? 

@ vishal karthik- i tried the reasoning with ur reply,but rather its not the exactly the case here,and its hardly we can argue with IT when law says differently,with the help of AS ,i found Mohit's reply more logically fit the realm here,
im really greatful that you made an effort to comment,thanks !

Thnx Pratyush......

u r welcome :) ,im not sure how i could repay you,may be i could help someone in trouble someday! :) 
adieu guys!

Originally posted by : Prathyush.P.G.
	u r welcome :) ,im not sure how i could repay you,may be i could help someone in trouble someday! :)  adieu guys!

 Pratyush CCI is for knowledge sharing, these kind of things we cant think sitting ideally but here we got a chance to share our thoughts and knowledge and thnx for sharing ur problem

Originally posted by : Mohit
	Originally posted by : Prathyush.P.G. u r welcome :) ,im not sure how i could repay you,may be i could help someone in trouble someday! :)  adieu guys!  Pratyush CCI is for knowledge sharing, these kind of things we cant think sitting ideally but here we got a chance to share our thoughts and knowledge and thnx for sharing ur problem

THANKS SIR FOR BEAUTIFUL REPLY

Originally posted by : Vishal Kirthic
	This will not amount to transfer u/s 2(47) and hence the question of Capital gain doesn't arise. But, assuming the property to be an investment not used for business purpose, as per AS 13, the same is to be valued only at cost and not at the Market Value.

agreed.......

There is no transfer and accordingly no capital gain is no arises.... And further, in case of subsequent transfer of the same property, Cost of Acquition will be Rs. 10 Lacs and not Rs. 41 Lacs

there is no transfer and hence no capital gain..

Capital Gain ia gain arrising out of transfer of a capital Asset..

Since revaluation of asset does not amount to transfer user section 2(47) , there wont be any capital gain :)

When the stamp duty is paid on the excess amount to be documented the case of Capital gain arised there,so there is short term capital gain,

thanks for the response,capital gain, is not the mere transfer 

C.G can only be chargerd in case of transfer u/s2(47)...

my brother...dont apply your logic to incometax act, it has to be interpreted strictly  as it is written.

the confusion arises to u only beacuse of the fact that u have registered the enhanced value with registering authority....just forgot this and think of normal revaluation...u will b clear

A.O on even gettin the info can never bother u...u have just revalued your asset... in documents...it doesnot make any diffrence that u also enhanced that value with the registering authority by paying stamp duty.....

appreciate the views by mr. arvind sharma