capital gain

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puneet sonker (Querist)
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14 January 2011 my client purchased a agriculture land of 5000 yard in sikandarabad for Rs. 500 per yard in f.y. 2005-06. now he wants to ploting of that land and 2000 yards for rs. 7000/- yard has been sold in f.y. 2010-11. My question is that what be the capital gain on that transaction even 3000 yard land has been unsold. pls advise me.

CA SURENDRA KUMAR RAKHECHA

CA SURENDRA KUMAR RAKHECHA (Expert)
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14 January 2011 Capital gains would be levied only on 2000 yards of land i.e. Rs. 6500 * 2000 after allowing indexation.

Better hire the services of a tax consultant otherwise in next year when the rest of land would be sold; the whole transaction may be treated as a business venture by the assessing officer and the benefit of capital gains may be lost.

A small mistake of not having services of a consultant or enjoying "luxury" of dealing the case at your own may turn the cost into lacs.

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