POSTED BY August 19, 2012 12:22 pm COMMENTS (7)ON
I wanted to know about the capital gains.
Suppose a land cost 1 Crore and i buy from a promoter, and i need 80 lakhs loan.
The bank says it will consider the value as 50 lakhs + 50 Lakhs, meaning for stamp paper buying we consider the land value as 50 lakhs(which is well above the guideline value), so stamp paper for this 50 lakhs alone, and the rest 50 lkhs will be treated as land development cost and will write a separate agrrement with the promoter.
so in this case i will save the stamp paper for the seond 50 lakhs part.
The bank says this option is only because i am buying from a promoter, who has spent cost on laying road on the layout etc.
While selling the land i want to know that can i show that i purchased it for 1 Crore or will it be considered that i paid only 50 Lakhs(as in stamp paper) and the capital gains will be more in this senario, if they consider that i paid 1 crore then obiously the capital gain tax will be less. which senario the tax authorites will consider is my question