cost of acquisition

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..... cost of acquisition
Query (Issue) Started By: - Arun kadam Dated:- 21-7-2011 Last Reply Date:- 22-7-2011 Income Tax
Got 2 Replies
Income Tax
To, Dear all, My colleagues have done following transaction. 1)First transaction :" X" was purchased 62R agriculture land(Outside Municipal limit) in April 1998 for Rs 2.5 Lakhs. 2) Second transaction : "X" has entered into agreement with Y .....

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..... in July 2009 by way of exchange i.e. X sold his agriculture land(62R) to Y and purchased his agreeculture(62R)urban land(within Municipal limit) for the actual consideration recorded in agreement to Rs 7.50Lakhs (Rural)and 7.85Lakhs(urban) where as Fair market value was 2.7 lakhs (Rural) and 32 lakhs (Urban). Stamp duty paid on Market value Rs 36lakhs i.e.whichever is higher . 3) Third transactio .....

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..... n :" X" again entered into agreement sold his newly purchased urban land (62R)to "Z "in Dec2010 for actual consideration to Rs 21 lakhs ,Where as the market value recorded 33 lakhs. 4)Fourth transaction : Reinvested in another agriculture land outside municipal limit for Rs 25 lakhs. In above case what will be the short term gain/long term gain? Please quote some law references. of similar case .....

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..... s and advice. Thanks, Reply By GOPALJI AGRAWAL: The Reply: Dear Arun Ji, These discussion forum are meant for discusion of law point of view primarily. The case studies need the documents for right opinion. Reply By Arun kadam: The Reply: Thank you sir for response my querry . Which document you required ? I will give you reply for your specific question . Thanks .
Discussion Forum - K .....

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..... nowledge Sharing .....

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