• FMV as on 01.04.2001 and 11.08.2023

Plot of Land in Ballia,Uttar Pradesh.
Purchase year-1990 in two instalments
Purchase price-Rs 42,000 (35000+7000)
Stamp Duty Valuation-Rs. 73,000(Rs.9000+Rs.64000)
sold on 11th August,2023 for Rs. 20 Lakh.
Advance taken in 2019 -Rs. 15 lakh without any documentation in joint SBI Bank Account of father and mother, both sr citizen father being first holder. Father expired in 2020.
Sale to different person on August 11 2023 for Rs 20 lakh received in HDFC Bank joint account of mother and son,mother first holder . Rs. 15 lakh transferred through RTGS to the person who gave advance and Rs.3 lakh as interest claimed by him transferred through IMPS and Phone Pe to a different person whom the first person owed money, at the request of the creditor and debtor.
Stamp Duty Valuation of Land in August 2023- 39 lakh.
The total Yearly Income of the mother, sr citizen, is Rs. 12000 as pension (Rs. 1000 per month). She has not filed any previous ITR. 
Tax implication and tax planning for both buyer and seller and response to following specific queries-
•	Who will bear the tax burden? First Account holder or 2nd Account Holder or both or any clubbing provision?
•	Sr. Citizen Mother has only Rs 1000(one thousand) per month family pension as income and does not file ITR. If she does not pay any tax at all, what are the chances of detailed scrutiny and consequences?
•	If mother happens to be assesse, does she need to pay any advance tax or file ITR?
•	How to get Fair Market Value (FMV) and circle rate of Land as on 01.04.2001 for calculating Indexed cost of Acquisition in 2023-24.
•	How to get FMV on date of agreement/date of sale?
Can Any CA here get these valuation reports and what will be the charges for same?
•	If assesse declares certain FMV in ITR both on 01.04.2001 as well as on date of sale i.e. 11.08.2023, is supporting documentation required at any stage or mere declaration will suffice? Steps to be taken by IT in this regard?

•	What can be the maximum Tax Liability and maximum date of depositing this tax/ITR and steps to mitigate this tax liability/payment?
Asked 9 months ago in Capital Gains Tax

- Capital gain will be taxable in the hands of owner of the property.

- Cost of acquisition would be the purchase price paid or FMV as on 01.04.2001 whichever is higher. FMV is circle rate of the property as on 01.04.2001. You can obtain FMV from the sub-registrar office or govt. approved valuer. 

 

 

Vivek Kumar Arora
CA, Delhi
4871 Answers
1058 Consultations

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You should contact locally

Vivek Kumar Arora
CA, Delhi
4871 Answers
1058 Consultations

5.0 on 5.0

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