capital gain & ifos
This query is : Resolved
16 January 2010
x sold his land to y (not relative) for rs.2,00,000 while the stamp duty authority value is rs.4,00,000 and cost of acquisation in the hand of x is rs.20,000 .acquired on 1-4-05 and sold to y on 31-12-09 . wht will be tax effect???
16 January 2010
The sale value in the hands of X would be Rs. 400,000 as per provisions of Section 50C and the same will be taxable under the head capital gains.
In the hands of Y Rs. 200,000 the difference between the agreement & stamp duty value will be taxable under the head other sources as gift received.
In the hands of Y Rs. 200,000 the difference between the agreement & stamp duty value will be taxable under the head other sources as gift received.
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