Short term capital gain on property query

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

22 January 2014 REGISTRY DATE OF PURCHASE FLAT IS : 06-10-2007 PURCHASE VALUE 20,20,000/- BUT STAMP DUTY PAID ON 30,00,000/-. THEN WHAT IS THE PURCHASE VALUE I HAVE TO TAKE FOR INCOME TAX RETURN RS. 20,20,000/- OR RS.30 LAKH ?

SECOND POINT

SALE CONSIDERATION IS 30,00,000/- BUT STAMP DUTY ON 40,00,000/- ON 20-08-2009. THEN SALE VALUE FOR INCOME TAX SHORT TERM CAPITAL GAIN IS RS. 40 LAKH ?

ASSESSEE HAS NOT FILED THE INCOME TAX RETURN IN THAT PARTICULAR YEAR(F.Y. 2009-10 A.Y. 2010-11). AND NOTICE RECEIVED FROM DEPARTMENT. NOW WHAT IS NEXT STEP ? WHAT IS THE PROCEDURE.

AVTAR SINGH

AVTAR SINGH (Expert)
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22 January 2014 Section 50C provides that if the value stated in the instrument of transfer is less than the valuation adopted, assessed or assessable by the stamp duty authorities, the valuation as adopted, assessed or assessable by the stamp duty authorities will be considered for the purpose of computation of capital gains arising on transfer of land or building or both. In nutshell the stamp duty value is only to compute capital gains.
1. For purchaser, the purchse value would be 2020000.
2. Sale consideration would be 4000000 to compute STCG.

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