Capital gains - 50c - please help
This query is : Resolved
08 September 2017
Dear Experts
Assesee sold the land for 30 lakhs. Guideline value is Rs 40 lakhs. Document created with selling consideration as Rs 30 lakhs only. Registration done but Document was kept pending for registration due to value duspite. However later the buyer paid additional duty on 40 lakhs in full without the knowledge of the seller.
Now the Seller has to pay capital gains on 40 lakhs ?
Pleae reply
Assesee sold the land for 30 lakhs. Guideline value is Rs 40 lakhs. Document created with selling consideration as Rs 30 lakhs only. Registration done but Document was kept pending for registration due to value duspite. However later the buyer paid additional duty on 40 lakhs in full without the knowledge of the seller.
Now the Seller has to pay capital gains on 40 lakhs ?
Pleae reply
K Srinivas, CMA CS
(Expert)
09 September 2017
As per 50C, Where the registered value stated in the document is less than Guideline value, Capital gains will be based only on guideline value. In your case, for calculating capital gains,the guideline value of Rs.40lacs will be considered.
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K Srinivas, CMA CS
(Expert)
09 September 2017
You have the option to request the IT Dept that the Capital gains be calculated on Rs.30 lacs,if you are satisfied that the guideline value adopted by the Registrar is more than the Fair Market Value for the property.
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