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Capital gain

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(Querist)
03 July 2016 I hav a doubt in this question! Land was purchased on-10/2/2006 for Rs 120000, After few yrs a shed was constructed on tht land in 2010-11 for Rs 625000, on 30/6/2016 land was sold for 16 lakhs, The market value of land is 2500000.My question is what will be the sale consideration?
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Amol S Joglekar

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Amol S Joglekar (Expert)
04 July 2016 you have not disclosed the market value of shed..... assuming it to be a redundant/unwanted data in the question...
as per section 50C, the ready reckoner value shall be taken for computing capital gain......(Hope the word market value as used in your query resembles ready recknor value)
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Amol S Joglekar

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Amol S Joglekar (Expert)
04 July 2016 so the sale consideration is 16 lakh. For income tax Capital gain purposes, the value will be taken as 25 lakh as per section 50C
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Saket Jain

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Saket Jain (Expert)
04 July 2016 Sale consideration will be 25 Lakh however you can take indexation benefit of cost of land as well shed constructed thereon. Regards
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