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LTCG ON SALE ON LAND AND BUILIDNG


Mr. CHATTERJEE (service)     26 November 2020

Mr. CHATTERJEE
service 
 42 points

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If I sold a house (land and building) at 18 Lakh in FY 2021-22 and stamp duty value is 20.5 Lakh as at FY 2021-22.

Whether I can consider as Capital loss and utilize the money without paying any capital gain?

(else how can I easily calculate capital gains)

Details of land and building :

1. constructed building as on FY 1993-94.

2. stamp duty value as of 1-4-2001 is unknown.

 

veerendar singh

veerendar singh   27 November 2020

veerendar singh

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One thing for sure is that s. 50C would apply in this case and your sale consideration will be 20.5 lacs instead of 18 lacs
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Aman Verma

Aman Verma   27 November 2020

Aman Verma

 11 likes  202 points

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Hi even if you sell it at 18 L you will have to pay LTCG as under section 50 C the diff between sdv and sale consideration shall not exceed 10% so in this case 18L *110% = 19.8 L while computing LTCG 20 L would be considered as Sale consideration ..
For LTCG please specify the purchase price as indexation will apply taking year 2000-2001 as base year
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Mr. CHATTERJEE

Mr. CHATTERJEE (service)     27 November 2020

Mr. CHATTERJEE
service 
 42 points

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Thanks, both of you. I need to know how easily I can calculate the cost of acquisitions as of 1-4-2001. It is old property documentation of building cost that has not been done. 

(e.g. stamp duty as of 1-4-2001 and from where I can get the stamp duty) 

veerendar singh

veerendar singh   27 November 2020

veerendar singh

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You need to get the property valued by a certified valuer. you may approach any CA or Advocate. They might have some valuer in their contact. the valuer will give value for the year 2000-01 and thereafter you will get indexation benefit.
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Mr. CHATTERJEE

Mr. CHATTERJEE (service)     27 November 2020

Mr. CHATTERJEE
service 
 42 points

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Whether a certified valuer report is compulsory (section or guideline). can I take stamp duty value (1-4-2001) as the cost of acquisition?
veerendar singh

veerendar singh   27 November 2020

veerendar singh

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I am not sure about that.
Aman Verma

Aman Verma   28 November 2020

Aman Verma

 11 likes  202 points

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If you dont have the paper its better to have a strong proof like a valuation certificate..

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