Capital gain implications
This query is : Resolved
07 March 2016
One person had acquired a land of 6 katha in the year 1983 by spending Rs.5000/-.
Now he has done an agreement with a developer to construct a residential complex in that land at the ratio 70:30.30% is for land owners.The stamp duty valuation at the time of registration in 2013-14 with the developer is Rs 2.6 Crores.
Now if the land owner gets the property in his name registered in the year 2015-16 after construction completed, for his own dwelling purpose.
My question is what will be the LTCG considering Section 53A of transfer of Property Act and Section 2 (47) of the I.T act.
07 March 2016
As the information available in the query, the assessee (one person) has transferred 70% of his land of 6 katha. What he transferred is land not superstructure that is going to built in future. Hence, the value of superstructure for the purposes of stamp duty in registering development agreement is irrelevant for the purposes of section 48 here.
As per section 50D where the consideration is not ascertainable or cannot be determined, take the fair market value (Sec. 2(22B)) of the land (not the superstructure).
As per section 50D where the consideration is not ascertainable or cannot be determined, take the fair market value (Sec. 2(22B)) of the land (not the superstructure).
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Difference between Date of Payment and Date of Deduction?
- Unregistered suppliers utility
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- ITDS U/S.194T of Firm
- GST Rate for Catering Services
- FCRA 6 E- Intimation
- Non-Compliance documents have not been submitted by the contractors debited
- EXPORT COMMERCIAL INVOICE HSN CODE
- URGENT-Eligible leaves being shown as 24 days for 3 years Articleship instead of 156 days in 108
- TDS ON EMAIL DOMAIN SERVICE BILL
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
