Capital gain tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

02 January 2015 What's the amount to be taken for capital gain purposes, where sale consideration received is higher than registered sale deed in case land is sold? the said land is held for more than 3 years (eg: sale consideration received is Rs 10Laks and govt registered sale deed for stamp duty purpose is Rs 8 Laks).

what's the value available for capital gain exemption under Sec 54F (sale consideration or govt registered sale deed value)?

from the proceeds, if land is acquired and a building is constructed, is the exemption based on govt registered value or consideration paid under Sec 54F? (eg: registered value of new land is Rs 3 Laks, sale consideration paid for land is Rs 7 Laks & 3 Laks is cost for constructing building, is the exemption for Rs 6 Laks or Rs 10 Laks).

what proofs should be maintained as cost for constructing of building, since most expenditure will be in cash?

if in above example cost of land was Rs 10 laks and and loan is taken for construction of building, can exemption be claimed on entire cost of land - Rs 10 laks.

are there any restrictions on building (eg: number of living units/floors that can be constructed) if the entire building is registered as one unit (eg: can 5 - 2bedroom units be constructed on single plot of land and the entire property be claimed for capital gain exemption)

Amol S Joglekar

Amol S Joglekar (Expert)
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02 January 2015 Square feetage of building is not an issue... It can be of ANY size....

The proof can be the house itself..say photographs etc + Architect's certificate

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