capital gains
This query is : Resolved
23 July 2016
hello sir
In the month of aug 2015 my father purchased an agriculture land and got the documents registered by lending money from his friends and later in dec 2015 and feb 2016 he sold two residential plots and cleared the dues and bought one car in the month of march. what is the tax treatment. is he required to disclose the above transactions under capital gains in his returns. he is a salaried employee and there is no other source of income.
CA. Sunil Gokhale
(Expert)
24 July 2016
There may be gain on sale of the residential plots. It will have to be computed. Consult a CA. Don't take shortcuts.
27 July 2016
sir can we take stamp duty value as sale consideration or the entire amount received should be shown
CA. Sunil Gokhale
(Expert)
27 July 2016
Actual consideration or stamp duty valuation whichever is more.
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