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Capital gain

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(Querist)
27 July 2013 Dear All,

I have purchased a property for Rs. 2 lacs while its market value or stamp duty value is 12 lacs (u/s 50C). So kindly tell the capital gain liability if we will sell this in future.

Should capital gain thereon would be calculated by taking consideration 2 lacs or 12 lacs?

Thanking you.
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
27 July 2013 Rs 2.00 lac only will be considered as your cost of acquisition.
.
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Varun Shah

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Varun Shah (Querist)
27 July 2013 We have sold this building on 01-May-2012 for a consideration of Rs. 10 lacs. What is the tax liability under capital gain and other sources.
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
27 July 2013 If the house purchased by you at the time of raising the first query and sold at the time of raising the subsequent query ,Rs. 8.00 lac will be taxable Short Term Capital Gain.
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You can take benefit of indexation if the house in question is held for 3 years or more by the said assessee.
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