Capital gain

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sanjay kumar (Querist)
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14 August 2016 sir, i had purchase a land on 14/07/2014 on Rs.1,00,000 from my cousin bhabhi , but the government rate is mention Rs. 11,00,000/- on which i had paid the stamp cost Rs. 105950/- Now income tax department has noticed me to calculate the difference amount as income from other sources as well as the department has also noticed to my bhabhi to deposite the capital gain tax. Now my question is the money neither paid by nor received by my bhabhi. Rs transaction is not done but on which ground we both will pay tax.

Amol S Joglekar

Amol S Joglekar (Expert)
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15 August 2016 please go through section 50C.

https://www.incometaxindia.gov.in/Pages/acts/income-tax-act.aspx

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