Sale of land occupied by huts man (zophdiwala)

Aditi (Assistant Manager) (30 Points)

11 May 2011  

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