Capital gain

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

25 May 2012 Before 1-4-81 mother gifted some urban land to son through will. During FY 11-12 govt.acquired the land and release compensation after deducting TDS 10%.

So calculating Capital Gain , what value to be taken as cost of acquisition. If market rate as on 1-4-81 how it will arrive.

What are the investment schemes for getting exemption for the same

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
Follow

25 May 2012 1. Obtain sale deeds of similar property sold in the area from the registrar. take the average of those rates.

2. For claiming exemption you can invest in residential house property (Section 54F) or specified bonds (Section 54EC).

Querist : Anonymous

Querist : Anonymous (Querist)

25 May 2012 Means to say Market Value as on 1-4-81 will be the const of acquistion...

Thanks for the reply

Querist : Anonymous

Querist : Anonymous (Querist)

25 May 2012 Means to say Market Value as on 1-4-81 will be the const of acquistion...

Thanks for the reply

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
Follow

25 May 2012 Yes the market value on 1.4.81 or the actual cost, whichever is higher, shall be the cost of acquisition for computing capital gains.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Rampal Saini

Pavithra Doss

ABHISHEK RATHORE

prasanth kona

Arvind Sharma

Subscribe Now

Capital gain

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

GST CONSULTANT

Senior Executive

GST CONSULTANCY

CA Final

Manager- Finance and Compliance

Accountant