Income declaration scheme 2016

This query is : Resolved 

24 September 2016 QUERY UNDER IDS 2016
Two brothers A & B acquired ancestral property in the year 1973. They sold the property for Rs.1,00,00,000 in the financial year 2012/13. The guideline value of the property as on 1.4.1981 was Rs.1,00,000 and Indexed cost of the property was Rs.10,00,000 (Approx).
Long Term Capital Gains was Rs.90,00,000. Each brother’s share of capital gains is Rs.45,00,000. Their Tax preparatory.
filed the return income for the A/Y 2013-14 ignoring capital gains. Two brothers want to declare Rs.45,00,000 each under IDS 2016.

Brother A got Rs.50,00,000 (50% of sale proceeds). He spent Rs.20,00,000 towards hospitalization expenses. Invested Rs.25,00,000 in Fixed Deposit with a bank and received interest on Fixed Deposit Rs.40,000 in the F/YE 31.3.2013, in the F/YE 31.3.2014-Rs.2,25,000, in the F/YE 31.3.2015- Rs.2,25,000 and in the F/YE 31.3.2016 Rs.2,2,5000.
The balance Rs.5,00,000 was invested in purchase gold jewellery. The value of gold jewellery as on 1.6.2015 is Rs.6,00,000.
Now the query is on which amount he has to pay tax.


24 September 2016 Tax has to be paid on 25 lacs FD value and 6 lacs jewellery value and bank balance on 01/06/2016 on interest received on FD.



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