Sale of land occupied by huts man (zophdiwala)

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Aditi

Assistant Manager

30 Points Joined July 2008

SECTION 50C OF I.T.ACT,1961

We have Agriculural Land ( Wihtout N.A. ) in Naroda , Ahmedabad
We have no Physical Possession of Land Since last 20 Years because huntmens ( Zupdawala )
have illegally occupied the land and they are about 150 Families and also have water & electricity
connection
We are selling the said land of Rs. 50 Lacs but today the Jantri Value ( Value Fixed by Stamp
Valuation Authority ) ( SVA ) is about 4 Crores.
We are selling the said land with the condition as it is today and seller ( we ) will not be responsible
to Vacale the huntmens and give clease possession to the buyer
The land was acquired in the year 1925 by our Grand Father and it was given under a will to me
Whether Jantri Value will be deemed consideration or the actual sale consideration
What will be the liability of Capital Gain Tax

Replies (2)

U S Sharma

glidor@gmail.com

21068 Points Joined January 2010

make registration instrument for your actual sale consideration, registrar will send the same for valuation and will ask to pay the diff of stamp duty but the registration value will remain same.

you have to seek the NOC of incometax for such transaction, declare the actual value u going to receive.

CA Hemang Shah

PRACTICE

658 Points Joined July 2009

jantri value ae j deemed consideration ma avse. Further if assessee feels that jantri value is too high then he is authorised to appoint valuation officer and whatever value is determined by valuation officer thats fix and u have to pay tax there on. in short, jantri value par tax na lage jo ae value ma apne dissatisfied hoy.