Capital gain

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

24 July 2014 A INDIVIDUAL SOLD INHERITED AGRICULTURE(WITH IN CORPORATION AREA) LAND FOR RS. 10 CRORE.

CAN HE LIABLE TO PAY CAPITAL GAIN TAX OR NOT IF YES HOW TO CALCULATE TAX.

PLEASE SUGGEST.

NARESH

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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24 July 2014 if its in urban area then its taxable unless u buy a new agricultural land.

Querist : Anonymous

Querist : Anonymous (Querist)

24 July 2014 AS ON DATE HE WANT TO PURCHASE / INVEST APPROX 70% OF TOTAL SALE AMOUNT. ALSO SUGGEST HOW TO CALCULATE CAPITAL GAIN TAX IN THIS CASE.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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24 July 2014 see the cal is diff one as u require cost of acuisition, and valuation on the date of acquisition and sec 50C is also applicable in ur case.

Querist : Anonymous

Querist : Anonymous (Querist)

24 July 2014 HOW TO CHECK COST OF ACQUISITION & FOR WHICH DATE.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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24 July 2014 the day u or ur forefather purchased it and u consult a govt reg valuer in this case.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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26 July 2014 just check whether it was bought before 1 April 1981, if yes, just get the valuation as on 1 April 1981.

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