The checklist of valuers signed up with the Income Tax Department for assessment of unmovable residential or commercial property is usually posted by the principal commissioner of revenue tax obligation accountable of the specific area and can be located on the revenue tax obligation site.
However, it is not compulsory to acquire the worth as on 1 April 2001 from any kind of specific authorised individual and can also be calculated by the taxpayer.
In most situations, one thinks about the stamp responsibility worth as on 1 April 2001 as the price of procurement of a stationary residential or commercial property obtained before such day if the real price of procurement is reduced.
The reasonable market price of the residential or commercial property as on 1 April 2001 for calculating the price of procurement can not surpass the stamp responsibility worth of such residential or commercial property. The stamp responsibility worth can be calculated at the circle price usually readily available on the site of the ministry of stamp and enrollment of the particular state federal government.
You would certainly require to pick the details location to obtain the price. However, it is recommended to acquire an evaluation record from the signed up valuer to make sure that one can send the exact same prior to the tax obligation authorities, if called for to confirm the price of procurement.
In order to assert the exception from resources gains on sale of unmovable residential or commercial property under Section 54 (thinking the sale is of a household residence), you would certainly require to transfer the gains in the resources gains account within the due day for submitting the tax return.
You are additionally called for to reveal the quantity transferred in the resources gains account together with information such as day of down payment, account number and IFSC code of the resources gains account while submitting the return of revenue.
The quantity is to be transferred in the resources gains account just for unutilised equilibrium of gains to be reinvested in a household residence for case of exception under Section 54 or 54F (total up to be reinvested is the factor to consider from sale of possession aside from property residence).
The change in the Finance (No 2) Act, 2024, allows the taxpayer to select to be strained at the price of 20% with indexation, or 12.5% without indexation in instance of gains emerging from sale of lasting unmovable residential properties on or after July 2024 if the residential properties were obtained prior to 23 July 2024.
However, for the objective of calculating the exception under Section 54, the quantity of gains to be reinvested in the property residence (and transferred in resources gains account to the level unutilised) will be calculated without indexation of the price of procurement.
–Mahesh Nayak is a legal accounting professional at CNK & & Associates
