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

Guest

Guest (Expert)

05 February 2011 Let me know whether is Ag. land

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

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.

Upgrade to CAclubindia Pro. Subscribe Now!