Capital gain query
This query is : Resolved
03 June 2015
Dear Expert,
Following transaction made
Satish sold the agricultural land to his brother of son mr. vinayak and received the amount of Rs. 32,60,000/- but the part payment of Rs. 26,00,000/- as GIFT & balance payment of Rs, 6,60,000/- received that the sale deed of above land & the payment of stamp duty paid to the Govt of Rs. 37540/-. Purchase value is not available at the time of his father.
Sir my question is if the Purchase value (Fair Market Value) is not available how to calculate the Capital Gain Tax ?
this Sale transaction made the Feb 2015.
Following transaction made
Satish sold the agricultural land to his brother of son mr. vinayak and received the amount of Rs. 32,60,000/- but the part payment of Rs. 26,00,000/- as GIFT & balance payment of Rs, 6,60,000/- received that the sale deed of above land & the payment of stamp duty paid to the Govt of Rs. 37540/-. Purchase value is not available at the time of his father.
Sir my question is if the Purchase value (Fair Market Value) is not available how to calculate the Capital Gain Tax ?
this Sale transaction made the Feb 2015.
03 June 2015
If it is agricultural land situated 8KMs away from municipal limits it is exempted from capital gains.
03 June 2015
the agricultal land is come to rural area
03 June 2015
the section 49(1) is applicable above case please clarify the section of 49(1)
03 June 2015
Then it is exempted from capital gains.
03 June 2015
As per section 49(1) if the asset is received by gift/will/partition from HUF etc. the cost for capital gain will be based on, it costed to previous owner.
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