Capital gain exemption under sec 54 f
This query is : Open
24 November 2014
Dear Experts,
I have a land who's market value is 60,00,000/- (max) but the current circle rate is around 1,68,00,000/- i want to sell the land and want to purchase 1 residential unit.
so the capital gain will be calculated on 1,68,00,000/- (i.e approx 31,60,000).
As per section 54F i have to invest the net sale consideration in the purchase.
due to unavailability of such huge amount of funds i will be able to invest only the amount 60,00,000 minus capital gain so chargeable.
please let me know how can i save the maximum amount of capital gain or is there any process so that the circle rates can be revised.
I have a land who's market value is 60,00,000/- (max) but the current circle rate is around 1,68,00,000/- i want to sell the land and want to purchase 1 residential unit.
so the capital gain will be calculated on 1,68,00,000/- (i.e approx 31,60,000).
As per section 54F i have to invest the net sale consideration in the purchase.
due to unavailability of such huge amount of funds i will be able to invest only the amount 60,00,000 minus capital gain so chargeable.
please let me know how can i save the maximum amount of capital gain or is there any process so that the circle rates can be revised.
24 November 2014
dear sir,
if the fair market value of the property is less than circle rate, sec 50 C 2, itself gave the remidy. u can approach the A.O to appoint valuation officer. if the valuation officer confirms the FMV AT rs 68 lacs . than the consideration u/s 50 C will be 68 lacs and not 160 lacs.
if the fair market value of the property is less than circle rate, sec 50 C 2, itself gave the remidy. u can approach the A.O to appoint valuation officer. if the valuation officer confirms the FMV AT rs 68 lacs . than the consideration u/s 50 C will be 68 lacs and not 160 lacs.
25 November 2014
Thanks for the reply
sir i also want to know what is the practical procedure for the same.
And how to convince them to downgrade the value.
sir i also want to know what is the practical procedure for the same.
And how to convince them to downgrade the value.
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