Capital gains - property sale(residential plot)

739 views 1 replies

Hi,

One of my friend who is a salaried individual sold a property  at bangalore in Feb-2012 for 29.5 lac as per sale deed (actual transaction with sale agreement/sale proceed was 66 lacs of which 32 lac by chq and 34 by cash, all of which he deposited in bank(s)) which was gifted to him by his dad in 2009 through gift deed with value of property mentioned 17lac, his dad had acquired thisproperty in 1995 for 1lac.

Query:

Is the captial gains calcualted on actual sale or as per sale deed(s) of acquisition and last sale deed (he says the sale deed is done as per existing market gudiance value prescribed by subregistrar office)

He wants to buy/reinvest in a residential plot, seller is asking majority in cash without any reciept, how can he handle this

Can he buy a plot and construct a house later or should it be a residentail house only.

Replies (1)
Where actual sale consideration is less than guideline value for stamp duty the later shall b adopted as sale consideration as per 50C. In ths case if stamp duty is value less than actual consideration as stated actual consideration wud b chargeable to tax. Regarding gift frm father, indexation in ths is permitted frm the year of receipt of asset for Rs. 1 lac


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
01 June 2026
Audit, Taxation & Compliance Executive

R P S K & Associates

Nashik

CA Inter

View Details
Company
ARTICLESHIP 27 May 2026
CA Article Trainee

Rahul Dang & Associates-Chartered Accountants

Pune

CA Inter

View Details
Company
12 June 2026
Accounts & Taxation Executive

Winshine Financial Services

Mumbai

CA Inter

View Details
Company
10 June 2026
Senior Account Executive

JDS Advisory LLP

Ahmedabad

CA Inter

View Details
Company
Featured 26 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
26 May 2026
Audit executive

vdsr & co LLP

Chennai

CA Inter

View Details
Company
ARTICLESHIP 23 May 2026
Article Assistants

Acupro Consulting

Gurgaon

CA Inter

View Details
Company
Featured 15 June 2026
Senior Auditor

N. Dhawan & Co

New Delhi

CA Inter

View Details