A person had purchased a shop(building) at Rs. 6,00,000.00 on March'2009. ( Valuation according to State Stamp Valuation Authority was Rs. 10,10,560.00). The same property was sold after 3 months at Rs. 8,00,000.00 ( Valuation according to State Stamp Valuation Authority was Rs. 14,56,000.00). Now my question is what will be the STCG. Assuming there is no cost of improvement.
Will the Stamp Dept Valuation be considered for Consideration received or the actual amount received?
valuation for stamp duty is respective of state laws, and it does not effect the transactions under incometax rules,
however in case of investigation, department will proceed to invetigate if unaccounted money is transacted.
in case the 2009 transaction is not challaged, the stcg will be calculated on transaction value only.
STCG will be value according as per Stamp Valuation...........
Stamp valuation would be ignored if no unaccounted money can be proved during that particular year. For the pupose of STCG only actual transaction value of cost of acquisition and sales consideration would be taken in to account.
Why Stamp valuation was change from 10 lacs to 14 lacs within 3 month. As per Stamp valuation (Recknor rate) change only in December of every year. Please check this then calculate STCG.If any property want to sale in short period of time alway think about Stamp Valuation because high valuation will attract more STCG
Chirag P Shah & Co. Chartered Accountant
Pune
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