Income tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

24 December 2016 Mr. ‘A’ sold a piece of land for Rs.55 lac to a buyer ‘B’ whose indexed cost of acquisition was Rs.56 lac and claimed loss in return of income. The consideration was received partly in cheque Rs.30 lac and remaining in cash. There was no deduction of tax at source. The DLC rate for the same was Rs. 65 lac. what all income tax provisions would be applicable?

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
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24 December 2016 If you register below the sub register value, for capital gain tax. Would be assumed to be sub register value .so capital gains is calculation on circle rate or sub register rate only.