Login  |  Register  |  Forgot Password 
Below Login Ad
All Queries |  Resolved Queries |  Today Queries |  Become an expert Ask Query

Please Help: Capital gain

Posted Date : 21-May-2015 , 04:10:10 pm | Posted By: MAHESH RATHI

Category : Income Tax | Answers : 0| Comments : 1| Hits: 110

Agreement for sale of property is made in month of march2013 & sale is made in the month of may 2013 , but the market value as per agreement date & sale date differs , Assesse has taken market value as per agreement date & on same capital gain is shown in his I.T.Return .But the Assessing officer not agreeing .

Comments
Posted By : Sandeep Kaushik 22-May-2015, 07:11:13
1.As per sec.2(47) of I.tax act, T/f takes place on the date on which possession of immovable property is given in pursuance of agreement to sell. 2.As per sec. 48 the Cap.gains are to be computed by taking the "SALES CONSIDERATION RECIVED OR ACCRUING TO ASSESSEE". therefore the actual S.P shall be taken and A.O cannot take the fair mkt. vale of asset to be the S.Price. 3.As per Sec.50C if Capital asset T/f being Land or building or both and selling price is less than Stamp duty value then Stamp duty value be deemed full value of consideration for Cap. Gain purpose. It seems that in your case immovable property is t/f,so FMV cannot be taken by A.O. only actual S.P or Stamp duty value on the date of agreement to sale (As the case may be) can be took by A.O for the Cap. Gain computation. In your case Assessee and A.O both are incorrect...
 

Search By Categories

More Categories

Hall of Fame for Queries
Name Pic Queries Rank
Rambabu Senkarasetti 569 17
 
Vaneet Gupta 560 12
 
CA Satuti Mahajan 360 27
 
Ashish Karundia 317 13
 
Rishabh Upadhyay 300 23
 

Search Question:

 
 
www.casansaar.com
...keeps you updated

Home

  |  News

  |  Articles

  |  Discussion

  |  CA Firms

 |  Members

 |  CA Community

 |  Jobs

 |  Empanelment

 |  Files

 |  Matrimonial

 |  Students zone

 |  Queries

 |  Classified Ads

 |  Events

 |  About us

 |   Top Members

 |  Coaching Centres

  | Testimonials

 | Judiciary

 | Videos

 | Notifications/Circulars

 | Book

 | eDirectory

 | Interview

 | Website

 | Emails

 | Software

 |  Score Board

 |   Press Release  

 |   Blood Bank  

  |   Opinion Poll  

  |   Feedback
 |   Advertise us

 |   Terms & Conditions

 |   Refund Policy

 |   Contact us
 |   Blog

  |   Sitemap

  |   Auditing

  |   Bank

  |   Bank branch audit

  |   Banking

  |   Black Money

  |   CA

  |   CA Announcement

  |   TDS

  |   Students Zone

  |   Custom

  |   VAT

  |   Service Tax

  |   Corporate Law

  |   General

  |   Excise

  |   SEBI

  |   Finance

  |   GST

  |   ICAI

  |   FEMA

  |   ICWAI

  |   ICSI

  |   DGFT

  |   RBI

  |   IFRS

  |   CAG

  |   Budget

  |   Merger & Acquisitions

  |   International Business

  |   Shares & Stock

  |   Excel Tips

  |   International Taxation

  |   ITR

  |   Chartered Accountant

  |   Tax Audit

  |   Companies Act

  |   Money Laundering

  |   MCA

  |   Income Tax Refund

  |   NPA

  |   Income tax software

  |   CST

  |   CA Exams

  |   CA Results

  |   CBDT

  |   Accounting Standards

  |   DIN

  |   Judical Announcement

  |   MDP

  |   PAN

  |   Whats App

  |   Secretarial Standards

  |   NGO

  |   CA Convocation

  |   Finance Bill

  |   ICAI Notification

  |   CARO

  |   COMPANIES SECRETARY

  |   Accounts

Follow Us : Twitter Icon Facebook Icon Orkut Icon Linkedin Icon Linkedin Icon
Developed By: CASANSAAR Copyright © casansaar
About Us Advertise - Terms & Conditions

Top Accounting Firms,CA COMMUNITY,CA SANSAAR,Chartered Accountant,Ca Networking Firms,Partner Portal,Ca Assignments,CA,Online Communities For Chartered Accountant,Circle For Ca,CS,CMA and FINANCE,Articles By CA / CS / CMA,accounting news articles,Ca Firms In Delhi,CA ANNOUNCEMENT

accounting jobs,article trainees,best website creator,empanelment,income tax slab, ITR, TDS Chart,budget of india 2014-15,gst,auditing,Income tax,students zone,cpt,community matrimony for ca,Classified Ads,Community Matrimony For Ca,Students Zone,Coaching Classes,Company Secretary,Cost Accountant,Judiciary.