Capital gain
This query is : Resolved
15 August 2014
I received the land from my father as transfer of ownership on in 2008. Now I want to sell it for Rs. 5 lakhs. what is the cost of acquisition? And what is tax liability? Should I get any deduction by reinvesting? Whether it taxed by special rate or normal rate?
Nikhil Kaushik
(Expert)
15 August 2014
cost of acquisition shall be the cost to his father.
the tax liability shall be dependent on the final computed capital gains. If there are any capital gains, the can be avoided by reinvesting the total consideration (rs 5 lakhs) to buy a house property under section 54F or by investing as per section 54EC.
the tax liability shall be dependent on the final computed capital gains. If there are any capital gains, the can be avoided by reinvesting the total consideration (rs 5 lakhs) to buy a house property under section 54F or by investing as per section 54EC.
Rupesh Jain
(Expert)
16 August 2014
cost take as previous owner cost ( your father or who's from your father take (as you recd from father)
and you can make invest in 54EC bond or in residential house u/s 54F.
and you can make invest in 54EC bond or in residential house u/s 54F.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Issuing of delivery challan by seller of goods
- EPF ECR NEW RULES Sep 17th 2026
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Taxation of crypto futures in India Fy 2026- 2027
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
