• How much penalty do I need to pay for the following situation

My Parents sold a piece of land in 2016 and have not returned taxes on the capital gain since then.
The stamp duty value of the land was 5350000 and it was sold for 2700000. How much penalty do we need to pay after taking into account all the penalties and taxes.
Asked 11 months ago in Capital Gains Tax

Need below details for calculation. Also you should have valuation report with complete justification of adopting sale consideration less than stamp duty value.


1. cost of acquisition

2. Date of purchase

3. Date of sale

4. Any capital improvements

5. Any transfer expenses like brokerage etc.


For detailed discussion, you may contact telephonically.

Vivek Kumar Arora
CA, Delhi
4476 Answers
606 Consultations

5.0 on 5.0

Dear Sir,


Hope you are doing well !!


-If the date of acquisition of land falls prior to 1 April 2001, you have a choice to consider the Fair Market Value (FMV) of the property as on 1 April 2001 as acquisition cost. 


So, firstly you need to get the valuation report of property as on 01.04.2001.


Government-approved valuers follow a standard process for the valuation and provide a detailed report.


-Amount of capital gain and taxes would depend upon sale price, sale date, purchase price and purchase date. Please share the details with us for exact capital gain calculation and corresponding taxes.


-You can also take the benefit of indexation on cost of improvements & claim expenditure in connection with transfer/sale subject to sufficient proofs.


We may assist you in entire procedure.


It is advisable to take a phone consultation for detailed discussion. 

Payal Chhajed
CA, Mumbai
5170 Answers
236 Consultations

5.0 on 5.0

Did you receive any notice for same till date?


We can have a detailed phone consultation on same.

Naman Maloo
CA, Jaipur
4053 Answers
67 Consultations

5.0 on 5.0

Ask a Chartered Accountant

Get tax answers from top-rated CAs in 1 hour. It's quick, easy, and anonymous!
  Ask a CA