Vikash owns a piece of land situated in Delhi ( Date of acquisition : March 1, 1983, Cost of acquisition Rs.
20,000/- value adopted by Stamp duty authority at the time of purchase Rs. 45,000/-) On March 30, 2012 the piece of land is transferred for 4 lakh. Find out the capital gains chargeable to tax if the value adopted by the Stamp duty authority is 5.60 lakh. And X does not challenges it under the Stamp Act. However, he claims before the Assessing Officer that Rs. 5.60 lakh is more than the fair market value of the land. The assessing Officer refers it to the valuation Officer who determines Rs. 5.25 lakh as fair market value. [CII-12-13:
852,11-12: 785,10-11:711]