LTCG on Immovable Property on or After 01.10.2009
This query is : Resolved
CA Bhawesh Jagnani
(Querist)
11 March 2010
X sells a property to Y at Rs. 50,00,000.
COA=20,00,000 ,Value as per SVA=65,00,000.
FMV=65,00,000.
Now According to new regulation what is the treatment in the hand of y under the Head Other sources?
Isn,t it a case of Double Taxation??
COA=20,00,000 ,Value as per SVA=65,00,000.
FMV=65,00,000.
Now According to new regulation what is the treatment in the hand of y under the Head Other sources?
Isn,t it a case of Double Taxation??
Aditya Maheshwari
(Expert)
11 March 2010
The finance bill 2010 has proposed to delete the provision with respect to property purchased below market value from non relatives and this will apply w. r. e. f. 01.10.2009.
So accordingly Y will have to pay no tax on acquisition
So accordingly Y will have to pay no tax on acquisition
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
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Tax on Amount transferred in HUF Account
- Nursery business
- GST input credit on commercial property
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- TDS on Dashcam rent and allied services
- Working on Gold wastage during Melting of old gold jewellery
- Section 269ST applicability for capital introduced by partner to his partnership firm
- ETDS return q4 25-26
- Capital Gains Tax on Inherited Mutual Fund
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- 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
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
