Festive Savings Are Here. Get 10% OFF on All CCI Pro Plans. Subscribe Now!

Capital gain

323 views

Save Share

Join Us Follow Us Add as Source

hrishikesh patil

Prop.

24 Points Posted on 21 February 2014

Need an expert opinion on Long Term Capital Gain Tax Case

DATE OF TRANSFER :- 18 SEPTEMEBR 2013

1 Government Valuation Rs.80,00,000/-

2. Actual Sale Consideration Rs.80,00,000/-

3. Agent Commission

FACTS :

Ancentral Agricultural Land (Original year of Purchase 1967)
Non-Irregated in Last 2 Years
Situates in Urban Area (within 8 k.m. from Manmad Nagar Palika & 10000+ Population)

Legal Heirs

Two Son’s and Mother

However one of the son who was already holding a residential house at the transfer of property acuired another residential house. Loan avails 20 lacs.cash paid 20.04 lacs

Can this capital gain tax be calculated in accordance sec 54 F or should i apply Sec 54 EC/54B

Replies (1)

Guest

Posted on 22 February 2014

I am assuming that the share of 1st son, 2nd son and mother in the sold property was 26.67 lakhs each.

One son who purchased a new house(already owing a house), He used 20.04 lakhs out of the net consideration received by property sale, so that much proportionate CG will be exempt.

[CG*20.04/26.67], remaining will be taxable.

You have to value the property as on 1/4/81 to find out the Indexed COA so that you can calculate CG.

Regarding the other co owners, They have to invest their sales consideration Sec 54 EC/54B
to get exemption.

Please wait for more views.