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Sec 54 B

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(Querist)
24 December 2010 Hi,

What is the meaning of cost of new asset under sec 54B?

Weather it is as per Government Valuation or actual cost incurred by the assessee (including stamp duty, brokerage etc.)?

please give details of relevant case law if any .
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Gayathri Devi

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Gayathri Devi (Expert)
24 December 2010 Hello Mr.Fazal

As per section 54 B it is as per Government Valuation
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Fazal

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Fazal (Querist)
24 December 2010 Hello Gayathri Devi,


You mean to say that, if the Gov Valuation is less than actual cost, assessee can claim exemption u/s 54B only to the extent of value determined by Govt Authorities.
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CA Shailesh Kumar Bhagat

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CA Shailesh Kumar Bhagat (Expert)
24 December 2010 Cost of new assets will be computed as per the amount invested ( including stamp duty and brokrage also)
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