| Question And Answer | |
|---|---|
| Subject: | Amended Law /TWIN (Old and New) TABLES for COST INFLATION INDEX |
| Category: | Income-Tax |
| Querist: | vswami |
| Answered by: | Advocate Neelam Jadhav |
| Tags: | form, return |
| Date: | June 16, 2023 |
Land purchased in 1990, for Rs 1,00,000, has been sold in FYE 31-03-2022 (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.
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”.
Expert is requested to kindly advise as to how to fill-in the mentioned two columns having regard to the stated facts?
In form ITR 2 – For Individuals and HUF there is a Schedule of B for Long Term Capital Gain from Sale of Land or Building, wherein to fill the details of relevant facts in the column. The column mention such as the Date of purchase/acquisition, Full Value consideration received / receivable, value of the property as per Stamp Duty, Full Value consideration adopted as per section 50C, the deduction claimed against the LTCG i.e. cost of acquisition/ cost of acquisition with indexation, cost of improvement, etc.
It is advisable to get the help of a tax consultant or Chartered Accountant with complete facts and figures .
In my QUERY, in place of the words ” sold in FYE 31-03-2022 (AY 2023-24)”, -if not guessed on own and done, requires to be corrected and read “sold in FYE 31-03-2023 (AY 2023-24)”.
In fact, the fact remains that for FYE 31-03-2022 (AY 2022-23) itself, in FORM 2, ‘similar changes’ had been made already; but is not materially any different from those as made in Form 2 for FYE 31-03-2023 (AY 2023-24). Have been trying but unable to find out whether in the ‘Instructions’ of CBDT for AY 2022-23 or AY 2023-24 there has been any guidance as to how to fill in the mentioned two columns of relevance!
As regards the EXPERT’s learned answer-suggestion that “It is advisable to get the help of a tax consultant or Chartered Accountant with complete facts and figures.”, –
> me for one thought- not incorrectly so, -that the FACTS and FIGURES given must be more than adequate for the expert to provide the solicited ANSWER; and
-to clarify, it is only after trying to get help from a few CAs infield practice but in vain, that me sought the help of an in-house Advocate (@itatonline.org)!
May be excused for the bother!
courtesy
To Revert,in pusuit if my relentless quest for a FEED back,- from Whomsoever Still Interested,- for my UPDATE (further FEEDInput)>
https://www.linkedin.com/posts/vswaminathan13_apropos-of-the-related-previous-posts-on-activity-7076518827689185280-ou8N/?utm_source=share&utm_medium=member_desktop
May have MORE to share for serving the intended purpose FOR “THE COMMON GOOD” in its altruistic sense!
One MORE ADD-on: https://www.linkedin.com/posts/vswaminathan13_apropos-of-the-related-previous-posts-on-activity-7079287259060973568-kAla?utm_source=share&utm_medium=member_desktop
KEEP watching for MORE !
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One MORE Update For THE DAY :
https://www.linkedin.com/feed/update/urn:li:activity:7079640046412201985/?utm_source=share&utm_medium=member_desktop&fbclid=IwAR3ubdbCq0U6vmxPDkiPHRsdv0K9tVHOLMzLpOraDtmE1TrzIJgtPPKuXH4
ONE MORE for TODay:
https://www.linkedin.com/posts/vswaminathan13_share-legal-activity-7079988074776047616-EbVD/?utm_source=share&utm_medium=member_desktop&fbclid=IwAR1-_wYr3p7pMSPQyxKQP7iE_PQxZba3vTTmHpMQ4xa0iG2yYqcsC_sc6cI
One MORE>
https://www.linkedin.com/posts/vswaminathan13_home-activity-7081097336793305088-DUI6?utm_source=share&utm_medium=member_desktop
ONE more FEED input > https://www.linkedin.com/pulse/tell-tale-swaminathan-venkataraman/
In pursuit of AN ANSWER to the intriguing POSER:
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^ > POSER: “Be that as it may, oddly, the intriguing question for which the struggle to strive and find a righteous answer is this : Could not the loss have been avoided or mitigated had the government (Revenue) acted ON TIME, on one hand, and had Taxpayers been honest enough not to take an undue advantage of the lacuna in the law left to be plugged in until recently ?
https://www.linkedin.com/in/vswaminathan13/recent-activity/all/
^A READY referencer of ALL related POSTS !
EDITOR – sir, File copies of the cited two published ARTicles have been sent ATTACHED to your e-mail ID. Kindly share with your inhouse experts for enabling them to understand the FEEDinput supplied suplied , in proper light, in answering the READERS ‘ questions on the subject Topic !
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