For capital gain tax on property bought under construction, with registration done in 2016 and sold this year, which is considered the purchase value: the sale deed value or the market value?
Barkha (None) (204 Points)
27 June 2024For capital gain tax on property bought under construction, with registration done in 2016 and sold this year, which is considered the purchase value: the sale deed value or the market value?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(164471 Points)
Replied 27 June 2024
Whether sold after completion or before that? Whether possession received?
Barkha
(None)
(204 Points)
Replied 27 June 2024
Possession received and registration done in 2016. Sold 8 years after completion in 2024. Sale deed includes 2 values: first sale deed value of 26 lakhs and second market value of 32 lakhs.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(164471 Points)
Replied 27 June 2024
Let me clarify,
Flat purchased in 2016 for 26 lakhs
Completion received in 2024.
Sold for Rs. 32 lakhs in 2024
Is that correct..
Barkha
(None)
(204 Points)
Replied 27 June 2024
No. Possession also received in 2016. Sold for 48 lakhs in 2024.
Sale deed made in 2016 lists 2 values, one is sale deed for 26 lakhs and market value 32 lakhs
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(164471 Points)
Replied 27 June 2024
Whether any tax was paid in FY 2016-17 for the difference of value in purchase value & FMV?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(164471 Points)
Replied 27 June 2024
Consider COA as Rs. 26 lakhs & index it to present year.
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