Capital gains
This query is : Resolved
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
suggest plz.
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
suggest plz.
25 July 2012
You have sold land below stamp duty rate !
Convince the AO the FMV.
Convince the AO the FMV.
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