Income from landed property
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
30 June 2015
1.Whether there is any ruling that the tax/fine to attract transfer of immovable property made and the consideration received in cash more than Rs.20000/-
2.A landed property purchased in 2012 December and sold in June 2015.Whether the difference in purchase price with selling price is taxable under capital gain? If so how the calculation is applicable.
2.A landed property purchased in 2012 December and sold in June 2015.Whether the difference in purchase price with selling price is taxable under capital gain? If so how the calculation is applicable.
30 June 2015
1 Penalty will be levied equal to the amount of cash payment.
2 As the property has been sold less than 3 years, it will be treated as short term capital gain and tax payable based on applicable slab rates.
2 As the property has been sold less than 3 years, it will be treated as short term capital gain and tax payable based on applicable slab rates.
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