Long term capital gain
This query is : Resolved
12 May 2015
i had sold agriculuture land in uraban area.
and i earn the capital gain as per the itr calculation.
now i have 2 question.
1.as per the sale deed the part of the amt is paid to the govt. by the buyer (to convert the land from juni sharat to navi sharat)
is that amt is consider in full value consideration as per the income tax calculation for long term capital gain??
2. if the long term capital gain amt is more than the actual receipet amt(a part of amt will recived in future.)
than how much i should invest in capital gain account to get exception..
kindley guide me.
and i earn the capital gain as per the itr calculation.
now i have 2 question.
1.as per the sale deed the part of the amt is paid to the govt. by the buyer (to convert the land from juni sharat to navi sharat)
is that amt is consider in full value consideration as per the income tax calculation for long term capital gain??
2. if the long term capital gain amt is more than the actual receipet amt(a part of amt will recived in future.)
than how much i should invest in capital gain account to get exception..
kindley guide me.
CA PARAS BAFNA
(Expert)
12 May 2015
Please refer the sale deed. Payment to the Govt is made for converting the Navi Sharat land into the Juni Sharat land.
.
1.
A. The amount paid to the Govt. by the buyer
will be excluded from the sales consideration.
B.What will be the gross sales consideration will depend upon the terms of the sales deed.
2.
Capital gains is levied in reference to the date of the transfer. If the transfer is completed and payment has not been received in full or in part, capital gains will be computed in ref to the date of the transfer or sale.
.
1.
A. The amount paid to the Govt. by the buyer
will be excluded from the sales consideration.
B.What will be the gross sales consideration will depend upon the terms of the sales deed.
2.
Capital gains is levied in reference to the date of the transfer. If the transfer is completed and payment has not been received in full or in part, capital gains will be computed in ref to the date of the transfer or sale.
CA Kanj Goel
(Expert)
13 May 2015
I agree with paras and to claim whole deduction you need to invest the entire amount.
13 May 2015
Thanks paras sir and kanj sir,
but i have one small confusion..
for e.g
the total amt of sale deed is rs.100(as metioned on the dastavej)(specifiacally written than sale dastavej value rs 100)
from that rs.100
rs.20 goes to the govt (to convert land from juni sharta to navi sharat)
and
rs80 goes to seller.
than what will be the sale consideration???
gross and net??
is rs 20 is consider as value consideration ?
please help me to come out confusetion?
but i have one small confusion..
for e.g
the total amt of sale deed is rs.100(as metioned on the dastavej)(specifiacally written than sale dastavej value rs 100)
from that rs.100
rs.20 goes to the govt (to convert land from juni sharta to navi sharat)
and
rs80 goes to seller.
than what will be the sale consideration???
gross and net??
is rs 20 is consider as value consideration ?
please help me to come out confusetion?
13 May 2015
and before which date i has to invest in capital gain account???
CA PARAS BAFNA
(Expert)
14 May 2015
I do not know exactly what has been prescribed in the sale deed.
.
If the land has been sold with a condition that seller would get it converted, then Rs 100 will be the Gross sales Consideration and Rs 20 may be treated as cost of improvement.
.
You have to invest the capital gains in Capital Gains A/c on or before the due date of return filing for the assessee.
.
Suppose land has been sold on 15-03-15, upto 31-7-2015, you can deposit the amount.
.
If the land has been sold with a condition that seller would get it converted, then Rs 100 will be the Gross sales Consideration and Rs 20 may be treated as cost of improvement.
.
You have to invest the capital gains in Capital Gains A/c on or before the due date of return filing for the assessee.
.
Suppose land has been sold on 15-03-15, upto 31-7-2015, you can deposit the amount.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Accounting treatment of AMC alongwith the purchase of Laptop
- Nursery business
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Issuing of delivery challan by seller of goods
- Tax on Amount transferred in HUF Account
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
