Capital gain

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

09 July 2013 agricultural land sold for Rs 80 lacs
stamp value Rs 90 lacs
index cost of acquisition Rs 10 lacs
capital gain Rs 80 lacs
new investment in agri land (54B) Rs 20 lacs.
new investment in residential house property (54F) Rs 60 lacs.

Now as per case law of [2011] 16 taxmann.com 357 (JP)/[2012] 49 SOT 160 (JP)[18-11-2011] Prakash Karnawat vs ITO, whether no capital gain tax chargeable?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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09 July 2013 Section 50C will not be applicable to section 54F so far as the meaning of full value consideration is concerned, meaning there by capital gains tax can't be imposed on the said transaction.

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