Urgent ..its about my life !

This query is : Resolved

vipul (Querist)
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09 January 2013 my dad had a property in city X. He died in 2001 . This property is ancestral.. Bought at unknwn price before 81.
Few months back i got it transfrd in my name,my mom n sis name.
this property is in our name but few ppl have constructed huts here. We cant throw them out . Sinnce we need urgent moneey so we agreeed to sell it in 12 lakh . The buyer is paying the stamp duty on the market value which is 51 lakhs.
Now the probb is .. Capital gain tax .
The cost of acquisition after indexation is around 9 lakh.
Confusion is what should be the fvc .. Most ppl sayin that it dept will take it as 51 lakhs and in which case i will have to pay huuge cap gain.
I m jus getting 12 lakh.. as per it shouldnt this be considerd as fvc ?
plz remember we are 3 ppl .. So if required we will take 4 lakh in 3 names equalling to 12 lakhs.

Amol S Joglekar

Amol S Joglekar (Expert)
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09 January 2013 Go for adjudication. If it gives the value as 12 lakh, then you will be having a strong case to defend this as FMV.

vipul

vipul (Querist)
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09 January 2013 adjudication ?? As in valuer ??
If yes then should i go for a private valuer ?
If not a prob .. Plz give ur no.

Amol S Joglekar

Amol S Joglekar (Expert)
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10 January 2013 The valuation as done by the ready reckoner may be challenged. A separate adjudication officer is present. You will get the address of the same at the office where you will be registering the "agreement to sale"
amolshankar@gmail.com

CA. BHAVIK

CA. BHAVIK (Expert)
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10 January 2013 As the act stands as of today, you will have to consider the FMV of Rs. 45 lakhs and pay tax accordingly..

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