Tax on sale of ancestral land in telangana
Ramesh (lecturer) (21 Points)
24 May 2017Ramesh (lecturer) (21 Points)
24 May 2017
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160292 Points)
Replied 25 May 2017
"FIRST POINT : will the amount from the sale is taxable ? To my information capital gain from the property is taxable( sale price - cost of acquisition). In this case selling price is known but how should we calculate acquition cost ?
= Get valuation report as on 01.04.2001 from governmental valuer, that wil be cost of aquisition on that particular date.
SECOND POINT : Buyer's version : Difference between government value and selling value ( selling value is more than government value) is taxable.
=Yes, whichever is more as per guidance value or registered sell document value.
CA S Praveen Kumar Reddy
(Chartered Accountant)
(2195 Points)
Replied 25 May 2017
thiruvayu
(FCA)
(155 Points)
Replied 28 May 2017