Long Term Capital gain

dear all,

Dear all,

As per your information-

As per income tax act. 1961- & section 48, income charge under the capital gain total concideration received less cost of acquisition, improvement.

under section 49 if capital assets became the property of the assessee by succession, inheritance or devolution then value of property or capital assets, the cost of acquisition of the assets shall be deemed to be the cost for which the previous owner of the property acquired it, as increased by the cost of any improvement of the assets owner of the property incurred or borne by the previous owner or the assessee, as the case may be.

Under section 50C, special provision for full value of consideration , where the consideration received by an assessee of a capital assets, being land or building or both is less than the value adopted or assessable by any authority of the state government ( stamp value) for the purpose of stamp duty payment than the assessee taken that value for computing the capital gain.