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 ??
patterson thomas (cs student) (53 Points)
20 May 2014if 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 ??
caaspirant
(349 Points)
Replied 20 May 2014
caaspirant
(349 Points)
Replied 20 May 2014
Income Tax Wala: (Fin. Expert)
(Chartered Accountants)
(2015 Points)
Replied 20 May 2014
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.
patterson thomas
(cs student)
(53 Points)
Replied 21 May 2014
it means 5 lac under ifos,and 5 lac under stcg would be the tax liabilty for mr x....?
akshan
(article)
(21 Points)
Replied 21 May 2014
CAclubindia
