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.
CAclubindia
