Valuation for computing ltcg tax
This query is : Resolved
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*****
(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*****
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.
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.
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
- House Property Reporting in ITR
- Supply through E-commerce Operators
- Sales amount in Gstr1
- TDS Claim year
- TDS Challan Code
- Relief u/s Section 89
- Rent lease agreement
- Merchant Export Accounting
- Is E Way Bill Valid If Transport ID Not Mentioned in PART A But Vehicle details mentioned in PART B
- Taxation on LTCG for property sold after 24JUL2024
- 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
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
