Capital gain

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

18 June 2013 dear sir,
i am deepak pareek from jaipur (rajasthan). my mother purchased a land of 200 sq.yrds in 1971 the cost of land at that time was 8300/- later they made construction on this land of two room set which was approxly 850/- sq. feet. My mother was expired in 1987 and my father has also expired in 1999. I am having 8 sisters and in 2011 they all make a release deed in favour of me. i sold the house in 2012 june @3501000/- Re. thirty five lac one thousand only. now my queries are as per below:-

(1) i get this property from release deed so can i get the benefit of indexation i mean what will be the cost of aquisition 8300/- or according to index from 1981
if yes then

(2) from where i get the fair market value of my house in 1981
(3) construction was made on 1975-76 so from where i get fair market value of construction
in 1981

(4) I have to invest total sale consideration(3501000) or only capital gain.

(5) can i purchase a flat in installments and can i purchase more then one property from capital gain amount or i have to invest in only one property.

(6) what is the time limit to deposit the amount in capital gain account and total sale consideration has to be deposited or only capital gain.

(7) if i booked a flat and already gave 1500000/- fifteen lacs in five installments after sale of property then now how much amount i have to deposit in capital gain account

please sir kindly solve my problem thanks in advance

Rupesh Jain

Rupesh Jain (Expert)
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18 June 2013 dear sir

pls take previous owner total cost or value on 1.4.1981

as cost of your house and take indexastion
of cost on house and calculate capitla gain
and u/s 54 you can invest caoptial gain amount in new property .
you can clim one year back from tfr date or two year after tfr date invested amount you can clim.

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CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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18 June 2013 1. You have to take valuation of this property as on 1.4.1981
2. You have to contact IT department approved valuer. A list of such valuers may be obtained from the Income Tax Office, Jaipur.
3. Still valuation as on 1.4.1981 has to be taken.
4. You have to invest capital gains only.

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CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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19 June 2013 5. Your capital gain amount should be invested in one residential house. If you purchase two adjacent houses by converting them into a single residential unit then it will also do.
.
6. The time limit is 31/07/2013.
.
7. You have to invest in Capital Gains Account only if the amount of capital gains is more than the cost of the new house. In case you do not pay any amount after paying Rs. 15.00 lacs than you have to deposit Capital Gains-Rs. 15.00 lacs in Capital Gains Savings A/c