Short term capital gain
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 May 2016
Dear Expert,
I, purchased a piece of Low land in the year 2014 in rs. 1.5 lac ( included all expenses ) and after filling the low I sold it in rs. 10 lac. Therefore, a short term capital gain is arisen.( 10-1.5)= rs. 8.5 lack
To filling the low I have already incurred rs. 5.5 lac to develop the low land.
My questions are :
(1) how much cost of improvement is allowed as per income tax law ?
(2) Which value should consider as a value of consideration whether it will be market value or as per deed value ?
Plz reply me ?
I, purchased a piece of Low land in the year 2014 in rs. 1.5 lac ( included all expenses ) and after filling the low I sold it in rs. 10 lac. Therefore, a short term capital gain is arisen.( 10-1.5)= rs. 8.5 lack
To filling the low I have already incurred rs. 5.5 lac to develop the low land.
My questions are :
(1) how much cost of improvement is allowed as per income tax law ?
(2) Which value should consider as a value of consideration whether it will be market value or as per deed value ?
Plz reply me ?
ch durgaprasad
(Expert)
13 May 2016
value of consideration taken as higher of market or deed value.
for cost of improvement full value should be allowed.
Dhirajlal Rambhia
(Expert)
20 October 2021
1. As per bill amount (Tax paid bills with bank payment)
2. Deed Value.
2. Deed Value.
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