Tax on deemed sale value
This query is : Resolved
04 September 2010
I sold a property in 2008 for 50 Lacs The stamp duty authority calculated the market value at 75 Lacs which is calculated at the highest rate/sq.meter of that zone.There are other posh towers built by private builders,mine is built by MHADA.30 lacs is the 1981 valuation value and 20 lacs invested in REC.Why am I asked to pay capital gain tax on the difference 25 lacs amount not received(will never receive for that premise)? If I accept and pay the tax, will the difference be considered to be my deemed income and made to pay tax on assumed interest earned on the assumed income of 25 lacs?
04 September 2010
As per section 50C if stamp value is more than the sale consideration than stamp value will be taken as sale consideration and accordingly capital gain will be calculated.
If your property value is Rs. 30 lakh then there will be no capital gain after taking into indexation in consideration.
If your property value is Rs. 30 lakh then there will be no capital gain after taking into indexation in consideration.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Itr 1 processing
- Reporting Income under Section 44ADA
- ITR 2 Short Term gain & Long term gain
- Off Market debit and credit transaction
- Showing Gift from relative in ITR for this year
- ITR 1: Details for showing Exempt Income
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- ITR selection for salaries and capital gain less than L
- ITR returnFY25-26
- ITR validation error - Balance sheet is not filled
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
