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The Economic Times
The Economic Times
Neelanjit Das

Rs 22.94 lakh LTCG for land sale of Rs 92 lakh invited tax notice; Gujarat HC ruled in her favour after 9 years fight; Know why

Gujarat Suresh Surana the Assessing Officer Income Tax capital gains The Gujarat High Court the Income Tax Department

Back in 2009, late Smt Trivedi sold off 13,626 sq meters of prime land in Bhimpore, Nani Daman, India for Rs 92 lakh, out of a total of 20,200 sq meters. This sale, however, sparked off a tax dispute between her family and the Income Tax Department.

The tax dispute revolved around how she valued the land. According to a valuation she obtained from a registered valuer on November 11, 2009, the fair market value of this land was Rs 11 lakh (at Rs 81 per sq. mtr.) as of April 1, 1981. Using this valuation report, she filed her income tax return (ITR) on August 23, 2010, declaring a total income of Rs 24 lakh which included Rs 22.94 lakh long term capital gain (indexed LTCG) from sale of this land. Sadly, she passed away on May 21, 2012.

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