Sir,
One Industrial Plot was allotted to me by the Industry Department in 1995 , the plot was on lease . So, no Sale Deed was executed. Only industry department issue me allotment letter . Now I want to dispose of the plot .
My Query is whether circle rate fixed by Distt. Authorities is applicable on this transfer ? In this case no sale deed is required to be registered with the Disstt. Authorities . Only title is to be transfered by the Industry Department . Whether the circle rate is applicable on the consideration received by me or not ? In the income tax return it will be treated as Long Term Capital Gain and indexed cost is applicable .
Kindly Advice.
1 Answer from Attorneys
Allotment letter will have to be studied to advise on all the queries you raised, Viz Whether Valuation fixed by Authority applies, Whether transfer deed is to be executed by you or not and whether the transfer is LTCG in your hands. [email protected]
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