Capital gains

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secnderabad
549 Points Posted on 11 December 2012

Hello Freinds please resolve my query................

If the person is purchase the land in 2002 and transfer the 50% land in 2007 for development purpose and the consideration is received in 2012.........when the capitalgain tax arise or should we consider the market value of land as sale sonsideration or not............

Please solve my query??????????????

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On 11 December 2012 at 12:54 Report
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CA FINAL Student
458 Points Posted on 11 December 2012
The transaction should be taxed in the year of the transfer. For the value, it should be the value assessed/assessable for payment of duty i.e, circle rates
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On 11 December 2012 at 13:29
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secnderabad
549 Points Posted on 11 December 2012

Thanks yogesh,

but which value should be considered as sale consideration cost or market value because market value is only considered when we not able to ascertain the consideration but here we have cost so we can take that 50% of the cost as a sale consideration or full value..............

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On 11 December 2012 at 14:32
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CA FINAL Student
458 Points Posted on 11 December 2012
put section 50C, what amount received is lower than the stamp duty value, then take stamp duty value otherwise the consideration received.
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On 11 December 2012 at 15:12

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