Valuation report and exemption in capital gain

dear sir
          I have purchased a commercial land and building in 2010 rs.5 lac,which was sold  in 9 lacs in 2012.the state valuation authority deemed valuation was 15 lacs. sir I purchased a residancial plot rs.23 lacs in year 2013,these propery and capitalnot show in income tax retrun releted year,department sent a notice and case selected in scrutiny,and deemed income rs.10 lcas., and  A.O.  gave a demand notice for tax and penalty deposit,but I appealed in CIT against this order.
1.can I present  some others people registries of properties which was  situated in same circle,where my sold property was situated.these properties were sale and purchased below circle rate circle rate.
2.can I claim any exemption in capital gain.
3.can I rebate in 80 c of stamp duty purchased propert,
4.can available some case law or dicision or ruling releted my case .
5.can I present valuation report by authorized valuation officer, in appeal to CIT. 
Asked 1 year ago in Capital Gains Tax from Jaipur, Rajasthan
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Shyam Sunder Modani
CA, Hyderabad
955 Answers
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  Talk to Shyam Sunder Modani
1)  Yes you can claim exemption if you have invested capital gain or consideration as per the terms and conditions of exemption under Income Tax Act.

2) You can claim exemption for investment bonds under section 54EC or for investment in residential house under section 54F provided you can meet the conditions of the sections prefered.

3) No you cannot claim registration and stamp duty expenses , unless it is used for acquisition of residential house property.

4) You have to justify the value by proving incorrectness of stamp duty valuation, by filing application for determination of stamp duty value before collector of stamp duty under Indian Stamp duty Act or you have sufficient evidence to prove that stamp duty value is not correct. 

5) you can furnish report of registered valuer before CIT Appeals.
Vijay N. Kale
CA, Hyderabad
248 Answers
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  Talk to Vijay N. Kale
1 You can try to prove the valuation rate based upon facts. If you have contested the valuation in the assessment, the assessing officer ought to have referred to valuation by a valuation officer. 

2 You can claim exemption u/s 54EC and 54F subject to fulfillment of conditions specified therein.

3 The cost of stamp duty has to be added to the cost of asset acquired. It cannot be claimed as a deduction u/s 80C of the Income Tax Act.

4 I think the case decided by the Hon'ble High Court of Bombay in Commissioner of Income Tax Versus M/s. Fortune Hotels And Estates Pvt. Ltd.may be relevant to you to contest the issue of penalty imposed by the AO, 
5 Yes you can present the valuation report to the CIT(Appeals).
B Vijaya Kumar
CA, Hyderabad
290 Answers
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