Capital gain on ancestral agricultural land

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

16 January 2015 The assessee received agricultural land from his forefathers which was sold lateron in the year 2008. He filed return declaring capital gains. Since the land was ancestral and the cost of acquisition was taken as on 01.04.1981 on the basis of registered valuer report ( registered by Chief Commissioner). The ITO is insisting that valuer cannot value land and he is taking the rate as on 01.04.1981 as suggested by the Tehsildaar i.e. Registering authority. The rate has been suggested on the basis of land registered in the vicinity in the year 1981. Kindly enlighten by way of case laws as the land was not purchased and was inherited. Secondly, whether valuer can value only buildings, etc and not land.

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

16 January 2015 just try to [lay a trick....
go to the adjudicator of stamps...

ask them how much stamp you have to pay if the land is sold on 01/04/1981...

(obviously, they will say...you need to pay penalty...)

tell them "I will....but let me know the basic stamp duty to be paid had i sold the land on 01/04/1981...

You need lot of patience to do that....

Rupesh Jain

Rupesh Jain (Expert)
Follow

16 January 2015 you can valuation as ask by registering authority. on dt 1.4.1981 and you have to pay the tax.

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

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

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

Vijay Mishra

DEEPAK BHARGAVA

Ashish Agrawal

Sivakumar

Anoop

Subscribe Now

Capital gain on ancestral agricultural land

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

GST CONSULTANCY

CA Final

Manager- Finance and Compliance

Article Assistant

GST CONSULTANT

Accountant