Search Results For: 49


QUERY: The piece of agricultural land owned by the assessees is surrendered to Govt. urban land improvement authorities under land for land scheme. The plot is allotted after 2-3 years. What should be the date of acquisition for such plot received on surrender, for treatment of capital gain at the time of sale
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EXPERT:
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For the purpose of capital gain at the time of sale of allotted plot, the date of allotment of plot would be considered as date of acquisition.

QUERY: An assessee had purchased agricultural land in 1991 which was subsequently surrendered to the local authority for their development scheme in 2004. In 2012 he was allotted a plot of land for the agricultural land surrendered in 2004. What should be the date of acquisition of plot of land allotted by the local authority in 2012 and sold in 2013?
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EXPERT:
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The date of acquisition of plot of land allotted by the local authority on surrender of agricultural land would be 2012, as section 49 r.w.s. 2(42A) of the Act would not be applicable to such

QUERY: Assessee along with other family persons had inherited a row house from his father during 2008. Row House was originally constructed in 1953. During 2009 said row house was demolished and residential building was constructed by all the legal heirs. In the building assessee was entitled for 2 flats. Building construction was completed in 2012 and immediately on completion assessee had sold one of the two houses allotted to him. What is the nature of gains on sale of flat? What would be cost of acquisition for the said house?
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EXPERT:
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Section 49(1) of the Income-tax Act, 1961 prescribes for cost with reference to certain modes of acquisition. The section reads as under:

“Where the capital asset became the property of the assessee