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Capital gain

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Querist : Anonymous

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Querist : Anonymous (Querist)
27 November 2012 dear expert
I have sol a agriculture land in urban area for Rs 15 Lacs value as per 54 stamping is Rs 35 Lacs I Purchased in 2005 at Rs 10 Lacs stamp value Rs 22 Lacs please clarify 1) Sale Value Rs 35 or 15 2) Indextion on Rs 22lacs or 10 Lacs the exemptions available

Please provide ASAP
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
27 November 2012 1. Sale price shall be Rs. 35 lakhs (as per Section 50C).

2. Cost of acquisition shall be Rs. 10 lakhs.
Accordingly indexation will be applied on Rs. 10 lakhs.

3. You can claim exemption u/s 54F by investing the sale proceeds in a residential house or u/s 54EC by investing in specified bonds.
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