Capital gain

This query is : Resolved

saurabhkhare (Querist)
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02 June 2015 recently my client got notice from IT Department regarding capital gain on transfer of plot in 2010-2011.

Detail of property

purchasing year-2003-2004
purchasing cost shown in registry by my client is rs.200000
market cost mentioned in registry is rs 870000
stamp duty paid rs 87000

sir my query is - in capital gain calculation which purchse value will be consider either 200000 or 870000.

is there any sort of rule in income tax?

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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02 June 2015 As per section 50C for calculation of capital gain value adopted for stamp duty purposes by Registrar will be taken as full value of consideration from which indexed cost of acquisition will be substracted. Cost of acquisition will be Rs. 2 lac.

saurabhkhare

saurabhkhare (Querist)
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02 June 2015 while sale considraton value is being assessed by AO through Market value.

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