if Mr X bought a house for 10 lac on 3rd oct 2013 whose stamp value determined is 15 lac, and then sold it to Mr Y for 20 lac. on 1march 2014.... PLZ ANYONE CAN EXPLAIN ME HW IT WILL BE TAXABLE AND UNDER WHICH HEAD ??
Menu
Direct tax query
Replies (7)
Capital gain.....short term.....cost of acquisition 15 less sale value 20 gain 5 . Taxable at normal slab rates. No exemptions.
Sorry cost will be 10 gain =10.
If 5 is taxed as income from other sources due to purchase of immovqble property for inadequate consideration than coa will be taken as 15 so 15 is correct :D
sections 50 C, 56 (2) (vii) b
initially at the time of buy on 3rd october 2013 following personal would be liable to pay tax
Buyer Mr. X u/s 56 (2) (vii) b Rs. 5 Lac
Seller u/s 50 C Rs. 5 LAc
at the time of sale on 1/03/2014 there is STCG Rs./ 5 LAc is there hence taxable in hand of Mr. X only.
i also agree with tax pandit ji
it means 5 lac under ifos,and 5 lac under stcg would be the tax liabilty for mr x....?
As per section 56 (2)(vii) income from other sources is 5 lacs in hands of mr. X and As per section 49 (4) cost of acquisition will be the fmvtaken under consideration for this case I.e the fmv.
Then on sale stcg for mr.x will be rs. 5 lacs..
Recent Threads
- Login credentials and payment acknowledgement not
- Export sales not realised payment not received fro
- Capital gain account amount utilisation
- Form 26QB – Section 194-IA: TDS on Full Cons
- Indexation Benefit available or not on Calculation
- Documents for return exhibition material
- Can I set off equity losses(both short term loss a
- Input tax credit on rent to rent
- Family Pension Army
- Waste Management services
Related Threads
CAclubindia
