Ashu garg (C.A. ) (121 Points)
22 May 2011hi frns this is a case of capital gain ragarding pls help to solve it
Lets A sell his farm house to another person as land treated in registration deed now A have purchased two new house and he wants to avail deduction u/s 54 but the ITO objection upon it due to in registration deed only land mention instead of farm nw wt would do A for avail deduction of two house
CS,CA F,Numrologi TusharSampat
(CS CA F Numerologist Astrologer Graphologist Face reader Vastu Expert)
(85930 Points)
Replied 22 May 2011
Get a valuation reprt frm a GVT/REG valuer in which he has to describe the asset whic he is actually valuing n in it ask him to to mention tht actually its a farm house.
v had a similar case last yr fr our client ...n ITO agrred.
Valuers fees is also nt normally mor thn 5000/ Rs.
Ashu garg
(C.A. )
(121 Points)
Replied 22 May 2011
thank sir if suppose valuation amt change due to more valuation than it would also not affect on gain bcz agriculture land free from tax na and is farm house come in the category of building ?
Ashu garg
(C.A. )
(121 Points)
Replied 22 May 2011
thank sir if suppose valuation amt change due to more valuation than it would also not affect on gain bcz agriculture land free from tax na and is farm house come in the category of building ?
CS,CA F,Numrologi TusharSampat
(CS CA F Numerologist Astrologer Graphologist Face reader Vastu Expert)
(85930 Points)
Replied 22 May 2011
But it shd b agricultural land a sdefined in it act & fr getting exemption u/s 10(37) u shld fulfill all d condition as mentioned ther.
CAclubindia
