How can circle rate be calculated as per income tax laws
17-Jul-2023 (In Tax Law)
As per sec.50 c of income tax act, if we sold land for rs.1000000. date of registry of land is 17/10/17. in sale deed, it is written that date of cheque is 17/10/17. as on 17/10/17 , circle rate of land is also 1000000. but the cheque was cleared on 26/10/17. query- for the purpose of calculating capital gains as per sec.50 c, circle rate of first cheque date is to be considered for sale consideration . so, in my case , circle rate on 26/10/17 will be taken because cheque cleared on this date or circle rate on 17/10/17 will be taken . What will be the income tax provision?
Dear Sir,
As per sec.50 c of income tax act , you sale your land 17.10.2017 Which Is Registry Date So You Will Take Date For Considration 17.10.2017 . As Per Income Tax rule. There Is No Required To Take Cheque Clear Date .
As per sec.50 c of income tax act , you sale your land 17.10.2017 Which Is Registry Date So You Will Take Date For Considration 17.10.2017 . As Per Income Tax rule. There Is No Required To Take Cheque Clear Date .
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