Purchase and sale of agriculture land

Others 587 views 1 replies

Dear all,

We running a proprietor hip business. In the FY-2011-12 we purchased a agriculture land for Amt of Rs.1, 06, 00,000.00(which includes stamp and registration charges 7, 00,000.00). In the month of August from a SC/ST people.

Now we are planned to sale the property .By converting it to Commercial plot. (sale is part by part not a lamp sum). For Rs.2, 00, 00,000.00

Please tell me the taxable amount and should be paid by me.

Note: The property is situated in Hessaragat Bangalore. We are regularly filing IT returns.

Thanks in Advance

Replies (1)

Amount taxable under head capital  gain will be 94 lacs(200lacs -106lacs ) as short term capital gain on which you are required to pay tax   of Rs  14.523 lacs which is calculated as follows 94 Lacs*15%=14.1 lacs +3% cess =14.523 lacs  

 

Regards

Mukesh


CCI Pro

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