Short term capital gain on sale of lands
This query is : Resolved
10 December 2011
one of our friend has sold his lands at residential area around 58 lacs, but market value of that property mentioned in the document is 74 lacs. According to law sale consideration to be taken as market value and hence 74 lacs is sale value here.
Whereas, for arriving cost of purchase, he had purchased that lands for 51 lacs and paid 8% stamp duty on market value of 71 lacs. Here my question is, whether cost of purchase is 71 lacs or 51 lacs + stamp duty ? Secondly since this transfer is coming under short term capital gain, can he claim any exemption u/s.54 on this income?
Please clarify
Whereas, for arriving cost of purchase, he had purchased that lands for 51 lacs and paid 8% stamp duty on market value of 71 lacs. Here my question is, whether cost of purchase is 71 lacs or 51 lacs + stamp duty ? Secondly since this transfer is coming under short term capital gain, can he claim any exemption u/s.54 on this income?
Please clarify
10 December 2011
cost of purchase is 51lacs+stamp duty paid. If the land is sold with in three years from the date of purchase it is short term capital gain. Yes you can claim section 54 exemption if available.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
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