Capital gain on leased property
This query is : Resolved
23 February 2013
Respected Experts,
If an assessee has got a leasehold right to a land & if he sold such right to some other person then no govt valuation is exist for sale of such right then sec 50C of IT act will apply or not - as the consideration or govt value which ever is higher - then govt valuation is missing & only sale consideration of such right will be considered as value for capital gains.
Is it so or not?
Thanks
Debashis Mandal
If an assessee has got a leasehold right to a land & if he sold such right to some other person then no govt valuation is exist for sale of such right then sec 50C of IT act will apply or not - as the consideration or govt value which ever is higher - then govt valuation is missing & only sale consideration of such right will be considered as value for capital gains.
Is it so or not?
Thanks
Debashis Mandal
23 February 2013
Dear Debashis,
Section 50D shall apply to your case. section 50c applies only for the case of transfer of land or building only. for other cases 50D apply.
Section 50D shall apply to your case. section 50c applies only for the case of transfer of land or building only. for other cases 50D apply.
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