25 July 2012
frnds i had sold a property in UP for Rs. 32lacs in the current year (april 2012) (circle rate/stamp duty rate is Rs. 90lacs) the COA (indexed) is Rs. 9lacs now the Capital Gains as per Section 50C = 81lacs Tax @ 20% 16.2lacs (section 54 exemptions are not available)
plz suggest how to go bout, i need to build my residential house which will cost me around 60lacs m payin 50% tax on ma Gains which ideally should be arund 4 lacs
shall i show it on FMV basis and let the AO reopens the case for me to fight against it
CAclubindia
