We, I (myself & my two sisters) have inherited a 10.00 bigha plot of a land from my father during the year 1985, which was purchased by my father for Rs. 1,000/-per bigha only long ago.
Total cost by father 10,000

We had to incur various expenses like earth filling, road construction etc. etc. on each
plot @ Rs. 50,000/- per plot.
Total Expenditure 500,000



Now the said land is converted in 10 nos.plot of 1.00 bigha each and is going to be
sold to various persons @ Rs.2.00 lac per bigha each.
Total sale price 2,000,000


Hence, Sale proceed 2,000,000
Less: Cost & Expenses 510,000

Long Term Capital Gain 1,490,000


Sir, whether the above calculation is correct ? If correct, what are the various provisions to minimize the tax on LTCG ?

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Hai,

I heard that one of my ex-client had filed income tax return normally without tax audit. However his turnover is Rs.98 lakhs and showed profit in his profit & loss account as Rs.2,40,000/- which is within the basic exemption in the A.Y.2015-16. Here he filed his return by showing his profit as just 2.45% by dissatisfying the Sec.44 AD (profit less than 8%). So he has to audit his books accounts as per Sec. 44AB but he can't. I confused by seeing that his return was processed by the assessing officer and he received intimation letter for processing the return. Is the A.O correct in processing the return so?

Please assist me in this regard.

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