Levy of cpital gain as per sec 50C

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  1. JOSUD70

    JOSUD70 New Member

    I sold land in 2010 for 26lacs and declared this amount in my income tax return. 26 lacs was invested in capital bonds u/s 54EC. stamp duty value was 7595,000. Return was assessed in 2012. Now Income tax officer want to reassess the income by invoking sec 50C. what will be my tax liability.
     
  2. A.O considered stamp value as sale consideration as section 50C and calculate your tax liability. From which , he will deduct indexation cost of acquisition (if its long term asset) and thereafter deduct your investment i.e Rs. 26 lac or other if any. And the resultant will be your capital gain. And you have to pay 20% of capital gain

    For any query,
    Ph:9717538224
     
  3. JOSUD70

    JOSUD70 New Member

    Sir,
    Thanks for your reply.
    Total capital gain = 7595,000
    indexed cost of acquisition is 1150,000
    investment under 54 EC 2600,000
    Balance capital gain = 3845,000
    tax @ 20% = 769000
    is it correct? or will it also attract sec 234 ABC etc?
    I am senior citizen aged 79.
     
  4. James Joseph

    James Joseph New Member

    Section 234A depends on the date of filing your return. If it was in time no interest on 234A. But 234B and 234C will be there.
     
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