Capital gain
This query is : Resolved
sanjay kumar
(Querist)
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
(Expert)
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
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GSTR9 Annual Return
- Clarification on GST, TDS, and Accounting Provisions for Import/Export Commission Agents,profes. ser
- Ito add credit side of bank
- Employee secondment
- Applicability of tax on invoice
- Import of Capital Machine
- LLP audit and disclosure
- Capital gain on commercial property and investment in residential property
- Gift to nri relatives resides in usa
- Positive Balance in RCM Liability/ITC Statement – Commercial Rent RCM – Guidance Required
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- Need Professional Opinion - AY 2012-13 Old Demand & AY 2026-27 Refund Adjustment
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
