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QUERY ABOUT LAND

08 July 2017

I ŕeceived a gifted land on 12.03.12 the valuation of which is RS 2466000 according to 2001 W.B Municipal ACT. Stamp duty paid RS 70000. I SOLD THAT land on 26.07.2017 for Rs2800000. What will be the LTCG of the land?

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4 Replies

Dhruv Shah (Article Student) (357 Points)
Replied 08 July 2017

What is the stamp duty value of the land at the time of sale?

Krishanu Chowdhury (154 Points)
Replied 08 July 2017

stamp duty at the time of sale RS 90000

Dhruv Shah (Article Student) (357 Points)
Replied 08 July 2017

So , As per section 50C , the sale consideration will be ₹ 28,00,000.

The value of capital gain will be,
Sell consideration (i.e.2800000)
- cost of sales(i.e. any brokerage or commission paid)
- indexed cost of improvement(if any improvement done)
- indexed cost of acquisition.

The resulting amount will be your long term capital gain.

Dhruv Shah (Article Student) (357 Points)
Replied 08 July 2017

Full value sale consideration

less:
cost of sales
indexed cost of improvement
indexed cost of acquisition
____________________
Long term capital gain