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Capital gain

Hemraj Charan (Article Assistent) (98 Points)

01 March 2014

I have purchased a flat at Rs. 8,00,000/- (Registry Price), & stamp price of which is Rs. 10,00,000/-. as seller has taken Rs. 10,00,000/- as sale consideration U/s 50 (C). can i shall also claim Rs. 10,00,000/- as an acquisition cost. Please reply.

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6 Replies

Navin Agicha (CA Final Student) (75 Points)
Replied 01 March 2014

You can take Rs 10,00,000/- provided that you have proof of paying rs. 10,00,000.

SHASHANK AGARWAL (self employed) (114 Points)
Replied 01 March 2014

since you have Rs 8 Lacs , therefore you can take the same only as your Cost of acquisition

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pritam mishra (student) (22 Points)
Replied 02 March 2014

Balance 2lakh rupees will be added to your other income.

anuj jaiswal (CA) (24 Points)
Replied 02 March 2014

Dear mr. Hemraj as u said u have paid Rs. 10L but agreement made of rs. 8 L only. If agreement value was made for 10L at that point u can take purchase price as 10. Hence no scope to take purchase price as 10.

CA Ankur Gupta (LLB Hons.) (Tax consultant) (56 Points)
Replied 02 March 2014

As difference between sales consideration and satamp duty value exceeds rs50000. You have to pay gift tax on 200000. After paying such gift tax u can..take cost of acquisition as rs. 1000000. Whwnever u sale such property.