My father and Myself sold a ancestral property jointly having FMV on 01/04/2001 1,58,000/- for 5,25,000/- on October 2018. this property was occupied a years ago by unknown people and it was not possible to evict them . so it resulted in the property having low sale value . the problem is that stamp duty value on October 2018 was 25,00,000/-
This might result in very large tax demand .
Are there any remedies to avoid such demand?
Thanks in advance,
Ganesh.
Menu
capital gains
Replies (2)
yes you can index the cost of asset by applying the index of 2018-19 to 2001 as follows
158000*280/100=424000.
So this amount will get deducted from the stamp value and you will have long term capital gain of 2057600. however you can save tax by investing it in residential property. if you are unable to invest in property before filing your return, then you can deposit the CG in capital gains tax deposit account and then afterwards within 3 years utilize the amount deposited in buying property.
158000*280/100=424000.
So this amount will get deducted from the stamp value and you will have long term capital gain of 2057600. however you can save tax by investing it in residential property. if you are unable to invest in property before filing your return, then you can deposit the CG in capital gains tax deposit account and then afterwards within 3 years utilize the amount deposited in buying property.
But we have only sale consideration 5.25 lacs only know
Recent Threads
- Understanding section 269st
- CASH AS GIFT OR FD AS GIFT
- NPS Pre Maturity full exit taxation rules
- Planning to ceased a Business
- Taxation for sale and purchase of REIT shares
- PAN - AADHAR LINK
- RECONCILIATION OF GSTR 2B Vs BOOKS WITH VBA
- Regarding cancellation of GST Number
- GST on business receipts pre -registration
- A Restaurant registered under the Composition Sche
Related Threads
CAclubindia
