Dear Sir,
I have purchased a agricultures land 1 acre worth rs 50,000 in jan 2010 and now i want to sell that land and that land is cosidered in I Zone(industrial Area ) the municipal value of that land is Rs 300000 it is situated within Municipal area
question
1) whether Long term Capital gain Applicable??
2) If Yes than how much ??
3) can a land be sold below the Municipal Value???
4) if Yes What are the Rules to Be Foolowed
5) is There any way to save Caital Gain tax in Investing some where
Dear Manish
As per you query on long term capital gains answer of your following query given below
(1) Yes LTCG would be calculated due to holding of assets more than 3 year from jan 2010 to jan 2014.
(2) LTCG can not be calculated bcoz sale consideration not give or if we assume that you have sold at municipal value than Capital Gain would be
Sale cosideration 300000
Less Puchase value with indexation 66034
( 50000*939/711)
LTCG 233966
Exemption U/s 54B /54F /54EC 233966
LTCG Nil
and you can not sold the properties below the municipal value .......
thanks for your immediate respose
but when a person can cliaim
when any one get long term gain and for saving his tax he can invest his gian under different investment which are under the different sections...such as 54b,54f,54ec..
now for all three sections u need to go through the books which clear ur doubt......
CAclubindia
