Valuation for computing ltcg tax

This query is : Resolved

mehul (Querist)
Follow

07 November 2011 FOR COMPUTATION OF LONG TERM CAPITAL GAIN TAX
(1) IF THE SALE AMOUNT IS LOWER THAN THE STATE GOVT STAMP DUTY VALUE. EXAMPLE- IF X SOLD HIS HOUSE FOR Rs. 10 LACS AND THE STATE GOVT STAMP DUTY VALUATION IS Rs. 12 LACS. WHETHER 10 LAC IS TO BE TAKEN FOR CALCULATION FOR LTCG TAX OR Rs. 12 LACS.

(2)IF THE SALE AMOUNT IS HIGHER THAN THE STATE GOVT STAMP DUTY VALUE. EXAMPLE- IF X SOLD HIS HOUSE FOR Rs. 12 LACS AND THE STATE GOVT STAMP DUTY VALUATION IS 10 LACS. WHETHER Rs. 12 LAC IS TO BE TAKEN FOR CALCULATION FOR LTCG TAX OR Rs. 10 LACS.
****OR THUMB RULE IS WHICH EVER IS HIGHER*****

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
Follow

08 November 2011 (1) IN CASE SALES AMT IS LOWER-
12 LACS, STAMP DUTY VALUATION, WILL BE TAKEN AS SALES CONSIDERATION.

(2) IN THE SECOND CASE : IN THIS CASE DSLR SMT WILL BE TAKEN AS SALES CONSIDERATION.