Hello
I am planning to sell a piece a land I brought for INR 53 Lakhs which is the actual value I paid but the stamp duty value is around 27lakhs last year May 2022
If I sell the land for 56 Lakhs, what would my cost of acquisition be, is it 53 Lakhs or 27 Lakhs?
I am looking at short term capital gains here if I must choose 27Lakhs as cost of acquisition and being a non-resident, Can I claim any deductions such as buying a house or flat in next one to two year or any other ways to avoid taxation on this STCG
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Advice on Short Term Capital Gains
Replies (7)
Quick Summary
The COA will be Rs. 27 Lakhs only. How can you say that you paid 53 Lakhs by banking mode, if the same is not incorporated in the agreement?
Stamp duty value cannot be 27 lakhs. pls post actual circle rate.
Let me rephrase it, Circle Rate is 27 Lakhs, Market Value is 52 Lakhs
What is the agreement value registered with?
The only way I can think of it is by using the RTGS transfers made by me to the sellers. I am not sure if this acceptable
agreement value registered with is only 27 Lakhs
Read more at: https://www.caclubindia.com/forum/advice-on-short-term-capital-gains-602115.asp?offset=1#reply
Then forget about market value......
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