Case Law Details
Case Name : Asst. Director of Income Tax Vs. Shri Ranjay Gulati (ITAT Delhi)
Related Assessment Year : 2007- 08
Courts :
All ITAT ITAT Delhi
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Asst. Director of Income Tax Vs. Shri Ranjay Gulati (ITAT Delhi)– Under section 48 of the Income Tax Act, 1961 the income chargeable under the head “Capital gains” shall be computed, by deducting from the full value of the consideration received or accruing as a result of the transfer of the capital asset the following amounts, namely
(i) expenditure incurred wholly and exclusively in connection with such transfer;
(ii) the cost of acquisition of the asset and the cost of any improvement thereto. T
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Dear Sir,
My father owns a free hold property in Kanpur, where the circle rate is about Rs. 45,000/- sq yard, whereas the market rate is only about Rs. 25,000 sq yard. The size of the property is 1000sq yard. The property has been inherited by my father through a family settlement in court. If we sell the property our tax liability comes up t Rs. 70 Lacs, which is huge by any standards. Also, if we Invest the money in Bonds, we will have to invest Rs. 4.5 Crores whereas we will get only Rs. 2.5 crores from the sale proceed. We want to buy a residential property to the tune of Rs. 1.5 Crores and that too in projects which may be delivered within the next 2-3 years. IS this possible? What is the best way to save tax and get out of this mess?
Excellent review. I need your help in case law of compnay in liquidation where the developed layout was sold to buyers in instalments and got them registered after the date of liquidation as the proceedings were not known on the date of registration.The company also not declared the asset on the date of liquidation and declared after 5years about the site.What is the relief to the purchaser.any case law is available.pl quote decided cases similiar to the above.