30 June 2015
This is a query regarding computing capital gain on sale of immovable property the previous year to the AY 2015-16, which was brought by the ancestor for which the purchase cost is not known, so i need to know the fair market value as on 1-4-1981 in mumbai for computing the capital gain for the sale made?
01 July 2015
From which valuer do i need to get it valued, as one of the shareholder to the property is staying in bangalore can the value determined by the valuer in bangalore taking into consideration or i have to take the value given by the valuer from mumbai to be taken into consideration as the sold property is in mumbai?
01 July 2015
Any Govt. recognized valuer will do. Even if the property is in Mumbai it is not necessary the valuer has to be from Mumbai. Valuer can be chosen as per convenience but must be Govt. approved.
01 July 2015
Sir, After the computation of LTCG there is amount left on which tax is to be paid, my doubt is that can the remaining amount be invested according to sec 54EC in REC bond now i.e., for the sale made in FY 2014-15 can the investment be made in FY 2015-16?
01 July 2015
Yes, but such investment must be made within 6 months from the date of sale of the property. If no bond issue is available near the date of expiry of 6 months' period then bonds should be applied for as soon as they become available. Though this has not been provided in the Income-tax Act the courts have held that the taxpayer cannot be expected to apply for the bonds if the bonds were not available near the expiry of 6 months.
CAclubindia
