Capital gain on deemed income

Nikhil sharma (student) (34 Points)

21 August 2010  

Dear frn.

I have purchase property on 20/08/2010 at Rs 1.2cr but as per the stamp duty authority its consider at Rs 1.9cr for the purpose of capital gain. My Qution is am i responsible to pay tax on deemed income (Rs 70lac). Becuse i am buy property of worth Rs 1.9cr but me paying only Rs 1.2cr.

If you have any link regarding this concept, please farword me at masternic786 @ gmail.com

Thanx.