capital gain

POSTED BY vasudha ON February 7, 2013 11:36 am ONE COMMENT

dear sir,

I am the direct allottee of this BDA property. Got allotted in 28/03/2003 but got registered in my name in 19/05/2005 PFA the sale deed, allotment letter and khata for your reference. There are no consturction or structure on this property, It is still a vacant land. Currently the property is under GPA in my dad’s name . I found a buyer for this property. He has agreed to pay 1.51 crore for this property. According to him the current book value of this property in this area (SMV Layout 3rd block) is Rs. 1300 per sft The book value may come around 50lakhs. So he is saying he can register the property upto 50 lakhs and remaning he will pay by cash. Planning to have the sale agreement by mid feb 13 and complete the registration by April 2013. I have following questions:

1) If I complete the registration by April 2013, what will be the capital gains on this property?

2) Since I have provided GPA to my dad, will the sale proceeds will come to me or this can be handled as my dad’s transaction?

3)what all exemptions available for vacant land?

4)how much tax should be paid?

Thank you

One reply on this article “capital gain”

  1. Ashal Jauhari says:
    February 8, 2013 at 11:00 pm

    Dear Vasudha, as an honest tax payer, We do not promote black money transactions. The one you are referring to is directly a BM transaction for 75L Rs. Please take note of this. So we are unable to provide any help to you.

    Please contact CAs or Tax professionals in your city, who ‘ll help you in such matters.

    In case you arfe ready to do an honest transaction, please come clean & we ‘ll help you.

    thanks

    Ashal

    Reply

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