Income tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 January 2015
One of my client want to sale his Constructed Property. Property value is as per Ready Reckoner is Rs. 4.00 CR.
Agreement Value is also Rs. 4.00 CR. Buyer want to pay Rs. 3.50 CR by chq and Rs. 50.00 Lac in cash.
As per Ready Reckoner I will have to pay Income Tax on Rs. 4.00 CR. Whereas he will have to show Rs. 3.50 CR in the books only.
He may not show Rs. 50.00 lacs in the books.
In this case is there any other way to show in the books the whole agreement value i.e. Rs. 4.00 CR?
Please do reply on very urgent basis...
Awaiting for your positive reply...
With Best Regards,
Agreement Value is also Rs. 4.00 CR. Buyer want to pay Rs. 3.50 CR by chq and Rs. 50.00 Lac in cash.
As per Ready Reckoner I will have to pay Income Tax on Rs. 4.00 CR. Whereas he will have to show Rs. 3.50 CR in the books only.
He may not show Rs. 50.00 lacs in the books.
In this case is there any other way to show in the books the whole agreement value i.e. Rs. 4.00 CR?
Please do reply on very urgent basis...
Awaiting for your positive reply...
With Best Regards,
17 January 2015
As per the agreement you can show Rs. 4.00 Cr.as the Sales Consideration including Rs. 50.00 lac received in cash.
.
The buyer confirms the amount payable by signing the Agreement.
.
He will also have to show cash amount paid Rs.50.00 lac in cash for his good.
.
.
The buyer confirms the amount payable by signing the Agreement.
.
He will also have to show cash amount paid Rs.50.00 lac in cash for his good.
.
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
- TDS on Consultancy- Non DTAA
- Depreciation of fixed assets- coop housing society in mumbai
- Reopen of assessment proceeding
- Rental income gst and it purpose
- EPF FULL & FINAL RULES IN 2026
- Gift Received from nonblood relative
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- Experts need help
- Management System (IMS)
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- 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
- 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
