Capitgal gain
This query is : Resolved
11 February 2011
if A sold to B one flat for 10 lac and Stamp duty value is 15 Lac and the same was acquired by A for 2.5 lac 2 yrs back
then B had sold the same flat after 6 mth for 20 lac then in case of B what shall by the COA
give reasons/supportings for ur answer
then B had sold the same flat after 6 mth for 20 lac then in case of B what shall by the COA
give reasons/supportings for ur answer
CA Manikandan.A.V
(Expert)
11 February 2011
1) A sold to B :
FVC = 15 Lac COA = 2.5 Lac CG = 12.5
2) B sold to X
FVC = 20 Lac COA = 15 Lac CG = 5 Lac.
and Other source income5 Lac (15-10)
My workings are as per sec 50C and 56 (1) (vii)
FVC = 15 Lac COA = 2.5 Lac CG = 12.5
2) B sold to X
FVC = 20 Lac COA = 15 Lac CG = 5 Lac.
and Other source income5 Lac (15-10)
My workings are as per sec 50C and 56 (1) (vii)
11 February 2011
sir but sec 56(1)(vii) does not speak about inadequate consideration it only speak about without consideration then hw can 5 lac be treated as income from other sources
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