Hi,
A land which was bought in 1987 for 17,500/-. Now I am planning to sell land for 25 lakh. What will be the taxable amount. (As per my current income I am in 5% slab)
Thank in advance.
7 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(182332 Points)
Replied 30 September 2017
Get the valuation certificate of the land as on April, 2001.
Suppose it is X. So........ that will be indexed to current year cost as 2.72*X.
Thus, your Capital Gains will be (25 lakhs - 2.72X)............ which attracts 20.6% LTCG tax.
Sells expenses and any investement u/s. 54, 54EC etc. are allowed to be deducted from LTCG.
RAJA P M
("Do the Right Thing...!!!")
(128096 Points)
Replied 01 October 2017
Dear Dhirajlal Rambhia Sir.,
Thanks for reply Sir....
Sorry for the Cross here. But, I don't know how I ask a doubt to You...!
Sir, Can I ask here...?
Thanks for reply Sir....
Sorry for the Cross here. But, I don't know how I ask a doubt to You...!
Sir, Can I ask here...?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(182332 Points)
Replied 02 October 2017
Yes Dear,
If I know the answer will definitely share it........... or may provide any link if it is lengthy or theoretical.........
But one thing is clear....... I avoid giving any solutions to GST queries till the proceedure get settled............ I don't like to give any solution if it is not valid next day !!!
One more thing......... For GST queries our expert CA Madhukar ji would be most authentic and updated...... you may raise your query at madhukar @ hiregange.com.
Similarly there are some very good experts on CCI portal CA R Seetharaman Sir... (https://www.indiafilings.com/pondicherry/chartered-accountant/r-seetharaman)
CA B Chakrapani Warrier Sir (https://www.quickerala.com/ernakulam/warriam-road/ramachandran-krishnakumar/237728)..............
and many more......... where you may get perfect solutions.... Good Luck......
RAJA P M
("Do the Right Thing...!!!")
(128096 Points)
Replied 02 October 2017
Dear Dhirajlal Rambhia Sir.,
Thank you for the reply Sir...
Really I get good reply from you for GST related and the standing for our position....
Really I want GST related Sir...
After your reply I ll follow the same..... 🙏🙏🙏😊😊😊
Thank you for the reply Sir...
Really I get good reply from you for GST related and the standing for our position....
Really I want GST related Sir...
After your reply I ll follow the same..... 🙏🙏🙏😊😊😊
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(182332 Points)
Replied 02 October 2017
As I said earlier............ I will try my best........... but unless I know the query, how to reply?
RAJA P M
("Do the Right Thing...!!!")
(128096 Points)
Replied 02 October 2017
My Dear Dhirajlal Sir.,
I mean, this one
(After your reply I ll follow the same) to this
(I avoid giving any solutions to GST queries till the proceedure get settled............ I don't like to give any solution if it is not valid next day !!!)
Sorry for the Confusion...
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(182332 Points)
Replied 02 October 2017
1. Not settled means........
a. GST coucil declared 'there will not be returns for 3 months', but introduced it by way of GST3B..........
b. There will not be any late fees or interest charged over GSTR 3B.......... but levied from few and finally waived off at last........... etc.
c. E way will be implemented from 1st October, 2017 !!!!!!!!
d. So many changes expected from the council meeting on 6th October.
So, If I reply today any query based on today's regulations.......... it gets different next day......... So, what is the value of my opinion !!!!!!!
That's why I do not reply such queries......
Recent Topics
- Is GST applicable on services rendered to overseas
- TIMING OF TDS ENRY IN BOOKS OF ACCOUNTS
- GST ITC Eligibility on Services
- Taxability on selling shares in 1 demat account an
- We file income tax return fy 2006-2007 but tds ben
- Order received from Overseas company to deliver ma
- Maintenance of the Register of Member in Case of P
- TDS on gift from real brother into NRO account - s
- Treatment of Branch transfers under GST to differe
- GST department monitoring financial transactions U
Related Threads
Trending Online Classes
-
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
Industry Expert14 February 2025 -
Survey, Search and Seizure under Income Tax Act 1961
CA Hari Agarwal
CAclubindia
