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Capital Gain on Sale of Property


Jatinder Singh Bedi (--)     19 February 2020

Jatinder Singh Bedi
-- 
 37 points

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Hi

We have ancestoral property bought in 1990 for Rs 60 thousand which got transferred  through registered Relinquish Deed in July 2019 and  I have sold it in Jan 2020 for 44 lacs ( stamp duty value is 28.50 lacs)

1.  Will it attract LTCG or STCG.

2.   In case of LTCG , how will FMV in 2001 will be calculated . Can we consider it as Rs 11 lacs based on our assumption on sale of similar property in vicinity.

3. In case STCG, what will be cost of property as same has been given without consideration

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rama krishnan   19 February 2020

rama krishnan

 922 likes  9964 points

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1. ltcg
2. get the fmv from territorial sro
3. not applicable

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Jatinder Singh Bedi (--)     20 February 2020

Jatinder Singh Bedi
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 37 points

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Sir 

Thanks , What is territorial SRO. Can you guide for Delhi how to get the FMV , there were no circle rate available for 2001 as processes started in 2007. 

 

 

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RAMAKRISHNAN R (INCOME TAX OFFICER)     20 February 2020

RAMAKRISHNAN R
INCOME TAX OFFICER 
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The SRO in whose the subject property situated

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Raghav Jhunjhunwala   21 February 2020

Raghav Jhunjhunwala

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You can contant any government registered valuer for getting the FMV as on 01/04/2001 and take benefit on indexation as per the FMV on LTCG. 

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