Short term capital gain on sale land
This query is : Resolved
30 April 2015
Sir/madam I purchase property in the year march 2011 for Rs. 2900000, and sold the same on may 2012 4000000. But guideline value of property is 9500000. The seller mentioned original sale value of Rs 4000000 in the sale deed and paid stamp duty on guideline value of 9500000. In this regard I received 133 notice from it department. Now what can I Do......? Which amount taken on compute the capital gain. Kindly help me...
CA PARAS BAFNA
(Expert)
30 April 2015
You would have taken Rs 9500000/-as sales consideration.
.
The department assumes that no one will sell his property at a lesser rate than the stamp value.
.
Now you have to prove before the Assssing Officer that the stamp valuation is higher than the fair market value as on the date of sale. Section 50C(2).
.
.
The department assumes that no one will sell his property at a lesser rate than the stamp value.
.
Now you have to prove before the Assssing Officer that the stamp valuation is higher than the fair market value as on the date of sale. Section 50C(2).
.
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