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capital gains

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(Querist)
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.
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aj8080

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aj8080 (Querist)
23 July 2016 sry no lending borrowing money from friends
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CA. Sunil Gokhale

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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.
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aj8080

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aj8080 (Querist)
27 July 2016 sir can we take stamp duty value as sale consideration or the entire amount received should be shown
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aj8080

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aj8080 (Querist)
27 July 2016 what value should be taken as sale consideration.
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CA. Sunil Gokhale

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CA. Sunil Gokhale (Expert)
27 July 2016 Actual consideration or stamp duty valuation whichever is more.
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