20 June 2023
Mr. A purchased a plot from person Mr B in Gurgaon through POA in 2021. Hence A paid 40 lakhs to B. Mr. A then sells the plot to Mr. C through POA in 2023 in 60 lakhs. Since there is no Sale deed or registry happened, how capital gains for Mr A would be calculated, while filing his taxes?
20 June 2023
Thank you Dhirajlal sir. My doubt is IT dept would see amount of 60 Lakhs deposited in Mr C account, so will consider that as Income. Would IT dept treat showing 20 Lakhs (Instead of 60 Lakhs) in IFOS as underreporting of income?
20 June 2023
In that case you can declare it under Capital gain over rights over an property, if you have possession letter along with sale agreement..
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