property tax

Querist : Anonymous (Querist) 21 February 2011 This query is : Resolved
recently we purchased a land for rs 37 lacs
but it was registered as per guidance value of rs 13 lacs. while filing tax returns can i show purchase value as 37 lacs or I can only show for registerd value.Also I am selling another land for rs 32 lacs after keeping it for more than 5 years .As both of these transaction have happened in a year am I elegible to be exempted from long term capital gain tax as i have already purchased property more than what I am getting after selling the land.

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soumitra basu (Expert) 15 March 2011
It has to be seen what is the deed value. If the deed value is 37 lacs then you shall be entitle to show purchase amounting to that otherwise not.

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