Religious trust
This query is : Resolved
31 May 2015
a religious trust wholly for religious purpose wants to buy a land for constructing new temple, the market value of
land is 5cr but stamp value is 1cr., the seller will register the sale @ value adopted by stamp authorities i.e. 1cr, what should be treatment of 4 cr as trust will withdraw 5 cr from the bank.
or what should be done for application of rs. 4cr
31 May 2015
Register the documents for 5 Cr. Trust will not lose much by paying stamp duty for market value. Application of 4Cr is not a problem.
Advice the seller agree for the proposal as he can avoid tax payment by availing capital gain exemption u/s 54F/54EC. By keeping the amount in capital gain bonds for three years he can avoid tax.
Advice the seller agree for the proposal as he can avoid tax payment by availing capital gain exemption u/s 54F/54EC. By keeping the amount in capital gain bonds for three years he can avoid tax.
31 May 2015
There is a limit of Rs 50 lakhs under section 54EC
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