Capital gain
This query is : Resolved
11 June 2012
One of my client is an agriculturist. The Ag. land owns is within 8 kms of city. The Actual market sale price of the land is Rs. 60 lacs per acres at which it is being sold. However value as per collector's guidelines (on which registration duty is to paid)is Rs 100 lacs per acres. Would you please tell me what amount is to invested for purchase of new agriculture land in this case ?
Regards
CA V.K. JAIN
Regards
CA V.K. JAIN
11 June 2012
The amount to be invested is equal to the capital gains.
Sale consideration shall be Rs. 100 lakhs as per Section 50C.
Reduce the cost/indexed cost of acquisition from Rs. 100 lakhs and arrive at the capital gain.
This amount is required to be invested in agricultural land to avail exemption u/s 54B.
Sale consideration shall be Rs. 100 lakhs as per Section 50C.
Reduce the cost/indexed cost of acquisition from Rs. 100 lakhs and arrive at the capital gain.
This amount is required to be invested in agricultural land to avail exemption u/s 54B.
11 June 2012
Thank you for your response. Indexed cost comes to very small approx. less than 2 lacs even after taking value of 1.4.1981. Thus, Capital Gain comes much more than the actual consideration is being received. V request U to respond. Regards CA V K Jain
11 June 2012
Thank you for your response. Indexed cost comes to very small approx. less than 2 lacs even after taking value of 1.4.1981. Thus, Capital Gain comes much more than the actual consideration is being received. V request U to respond. Regards CA V K Jain
13 June 2012
The amount to be invested is the net capital gain.
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