INDexation- ADDs-on
Apropos of -https://www.dhirubhai.net/pulse/finance-bill-2020-cl-28-swaminathan-venkataraman/
wprt >
https://www.youtube.com/watch?v=v2RWH8y04Ec
Re. one of the points on which the expert has expressed his view pertains to the benefit of 'INDEXATION'; pointedly, in respect of an old 'property' acquired before 2000, when he refers to 'FMV'. Has he, in doing so, considered the point from all angles?!? Obviously NO!
For MORE look through the several related posts - e.g. >https://www.facebook.com/swaminathanv3/posts/3807607012648890
LOOK up comment (s) posted on, - https://taxguru.in/.../salient-features-finance-bill-2020...
Copied:
Q
F. CAPITAL GAIN
1….
2. Fair market value for substituted cost of acquisition as on 1st April 2001 to be on the basis of stamp duty valuation
As per the provision of section 55 of the Income Tax Act, while computing capital gain in respect of a capital asset held on or before 01.04.2001, the cost of acquisition can be substituted by fair market value as on 01.04.2001. There have been disputes …. In order to address these disputes, the Finance Bill, 2020 has inserted a proviso in Section 55 to the effect that in respect of land or building or both, the fair market value as on 01.04.2001 shall not exceed the stamp duty value, wherever available, of such asset as on 01.04.2001. ……IT IS TO BE NOTED THAT CIRCLE RATES WERE NOT NOTIFIED ON 01.04.2001. THE CIRCLE RATES WERE FIRST NOTIFIED IN THE YEAR 2007.
UQ
FONT – < Apart from this observation, there are some more angles (lacunae) requiring to be highlighted. For personal comment thereon, look up the earlier Posts on that website itself, so also on FB and LInkedin.
<> REsource (FMV (?)) > https://in.search.yahoo.com/search?fr=mcafee...
retired professional at none
1 年FACTS : Land purchased in 1990, for Rs 1,00,000, has been sold in FYE?31-03-2023 (AY 2023-24) for Rs 25,00,000. As per valuation report obtained from an Authorized Valuer, the FMV as on? 1-4-2001 is Rs 7,00,000. POSER : In the New Form 2 for AY 2023-24, under the Schedule for Computation of “Long Term Capital Gains’’, in two of the relevant columns, taxpayer is required to fill-in, - “Cost of Acquisition” and “Cost of Acquisition with Indexation”.? Anyone with high profile (CA or Lawyer) in field practice, is requested to share his eminent opinion as to how to fill-in the mentioned two columns having regard to the stated facts?