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QUERY ABOUT LAND

08 July 2017

I ŕeceived a gifted land on 12.03.12 the valuation of which is RS 2466000 according to 2001 W.B Municipal ACT. Stamp duty paid RS 70000. I SOLD THAT land on 26.07.2017 for Rs2800000. What will be the LTCG of the land?

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4 Replies

Dhruv Shah (Article Student) (357 Points)
Replied 08 July 2017

What is the stamp duty value of the land at the time of sale?

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Krishanu Chowdhury (153 Points)
Replied 08 July 2017

stamp duty at the time of sale RS 90000

Dhruv Shah (Article Student) (357 Points)
Replied 08 July 2017

So , As per section 50C , the sale consideration will be ₹ 28,00,000.

The value of capital gain will be,
Sell consideration (i.e.2800000)
- cost of sales(i.e. any brokerage or commission paid)
- indexed cost of improvement(if any improvement done)
- indexed cost of acquisition.

The resulting amount will be your long term capital gain.

Dhruv Shah (Article Student) (357 Points)
Replied 08 July 2017

Full value sale consideration

less:
cost of sales
indexed cost of improvement
indexed cost of acquisition
____________________
Long term capital gain