Tax on long term capital gain & exemption under section
This query is : Open
SHREEPAL LALWANI
(Querist)
21 May 2018
My one of client TDS deducted u/s 194LA for compulsory acquisition of land by government for RS 53 Lacs on which TDS deducted @10% RS 5.30 Lacs. Land is inherited property received from father in 1978 and father acquired land 50 years before. Now what will be the long term capital gain implications in this case? What will be the cost of acquisition in this case? There is no value available for calculation of cost of acquisition. Can I take exemption of long term capital gain arise in this case by investing in residential property u/s 54F or else investing in bond u/s 54EC. Please reply
CA Ankit R Momaya
(Expert)
21 May 2018
You can take the Fair Market Value of the Property as on 01-04-2001, index the same and compute the capital Gains.
Expemtion u/s 54F and 54EC will be available.
Expemtion u/s 54F and 54EC will be available.
SHREEPAL LALWANI
(Querist)
21 May 2018
for fair market valuation to whom i have to contact
CA Ankit R Momaya
(Expert)
21 May 2018
You can refer the Circle Rates or the Guidance Value or the Neighbor Rates. Also take the help of an valuer if required.
SHREEPAL LALWANI
(Querist)
21 May 2018
BUT, Is it government approved valuer or we can contact anyone? is it compulsory to get fair market valuation report?
CA Ankit R Momaya
(Expert)
21 May 2018
It is not compulsory to get fair market valuation report.
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