Capital gain.
This query is : Resolved
04 December 2015
i have sold rural agriculture land situated in sikriganj gorakhpur uttar pradesh for Rs. 88 lacs.
the value disclosed in agreement copy is 70 lacs.
whether i have to file itr & pay tax.?
pls provide calculation , which itr to file
the value disclosed in agreement copy is 70 lacs.
whether i have to file itr & pay tax.?
pls provide calculation , which itr to file
05 December 2015
I am not going into the details of method computation you adopted to arrive rural agricultural land, hoping the method was in line with section 2(14) of the Income Tax Act, 1961.
Though sale of rural agricultural land is not an income at all, better to disclose the total amount as per the document (sale deed) under the Details of exempted Income (EI schedule) of ITR.
Please Note: Sale of rural agricultural land is not an income at all, so the question of exemption does not arise.
Though sale of rural agricultural land is not an income at all, better to disclose the total amount as per the document (sale deed) under the Details of exempted Income (EI schedule) of ITR.
Please Note: Sale of rural agricultural land is not an income at all, so the question of exemption does not arise.
05 December 2015
sir , but difference of rs. 18 lacs what should be treatment?
05 December 2015
please specify mode of receipt of consideration i.e. cash / through bank and also particulars of amount specified on the sale deed (not on agreement, hoping agreement was unregistered).
If the sale consideration was received in cash and the same was deposited in any bank account to the tune of Rs. 88 lakhs and only Rs. 70 lakhs specified in the sale deed, the difference amount of Rs. 18 lakhs to be considered as other income.
Any undisclosed income is subject tax @ 30% now without any exemptions / basic exemption limits/ deductions etc.
If the sale consideration was received in cash and the same was deposited in any bank account to the tune of Rs. 88 lakhs and only Rs. 70 lakhs specified in the sale deed, the difference amount of Rs. 18 lakhs to be considered as other income.
Any undisclosed income is subject tax @ 30% now without any exemptions / basic exemption limits/ deductions etc.
05 December 2015
i have received amount by NEFT transfer directly in my 2 savings a/c rs. 40 lacs & Rs. 48 lacs .
05 December 2015
i have received amount by NEFT transfer directly in my 2 savings a/c rs. 40 lacs & Rs. 48 lacs .
06 December 2015
Then the document (sale deed) should be written as Rs. 88 lakhs only both consideration and market value. It is essential for both vendor and vendee.
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