I have purchased a flat at Rs. 8,00,000/- (Registry Price), & stamp price of which is Rs. 10,00,000/-. as seller has taken Rs. 10,00,000/- as sale consideration U/s 50 (C). can i shall also claim Rs. 10,00,000/- as an acquisition cost. Please reply.
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Capital gain
Replies (6)
You can take Rs 10,00,000/- provided that you have proof of paying rs. 10,00,000.
since you have Rs 8 Lacs , therefore you can take the same only as your Cost of acquisition
for more details visit and post : https://knowyourtaxation.blogspot.in/
Balance 2lakh rupees will be added to your other income.
Dear mr. Hemraj as u said u have paid Rs. 10L but agreement made of rs. 8 L only. If agreement value was made for 10L at that point u can take purchase price as 10. Hence no scope to take purchase price as 10.
As difference between sales consideration and satamp duty value exceeds rs50000.
You have to pay gift tax on 200000.
After paying such gift tax u can..take cost of acquisition as rs. 1000000. Whwnever u sale such property.
Thanks. Very useful.
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