Capital gain
This query is : Resolved
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.
15 August 2016
please go through section 50C.
https://www.incometaxindia.gov.in/Pages/acts/income-tax-act.aspx
https://www.incometaxindia.gov.in/Pages/acts/income-tax-act.aspx
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