how to calculate tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
05 February 2011
my relatve sold some land to govt authorites on dec 2008 which costs arronds 60 lcks.after that he deposte the money in bank from whch he is geeting interest around 3 lacks yearly. his yearly saveing (insurance 1 lack).but till 2 day he dont deposite any tax or not submitted any return.no tds deducted by the bank aswell.
now on the above informaton pls let me know the tax amount for 2008-09, 09-10
is tax on capital gain applicable here?
if yes what are the rates
now on the above informaton pls let me know the tax amount for 2008-09, 09-10
is tax on capital gain applicable here?
if yes what are the rates
Guest
Guest
(Expert)
05 February 2011
Let me know whether is Ag. land
07 November 2021
Acquisition of land by governmental authority will be exempt under IT act. His interest income would be taxable, for which bank should have deducted TDS.
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