Urgent plz help...
This query is : Resolved
27 January 2014
Sir
my employer has purchase an agricultral land for rs 1250000 in 2008-2009.
But the person from whom we purchase the land is receiving notice from income tax office that the person should pay tax on rs 5661600 which is the value decided by the govt.. what should the person do??
Does the person is required to pay tax on the amt of rs 5661600 or should pay tax on rs 1250000.
Plz help as soon as possible....
my employer has purchase an agricultral land for rs 1250000 in 2008-2009.
But the person from whom we purchase the land is receiving notice from income tax office that the person should pay tax on rs 5661600 which is the value decided by the govt.. what should the person do??
Does the person is required to pay tax on the amt of rs 5661600 or should pay tax on rs 1250000.
Plz help as soon as possible....
27 January 2014
As per section 50C the stamp duty value has to be considered for computation of capital gain.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- GST on export of services and Input Credit
- TDS U/S. 194NF
- Applicable TDS rate for sale of property in Nov 2024
- GST ON EXPORT COMMISSION
- Import license renewal
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
