Income tax on profit from sale of land property
This query is : Resolved
MANOJ KUMAR SINHA
(Querist)
17 January 2016
We had purchased a plot of land in Muzaffarpur in Bihar in 1985. We sold it in January 2016. As per 54 Of IT Act I have calculated the Income Tax on the gains from sale of property without Indexation.
I want to know the procedure of payment of the aforesaid Income Tax. Can I pay on my own or it is necessary that I hire a professional / Chartered Accountant ?
If I can pay on my own what is the procedure and the necessary documents required.
I want to know the procedure of payment of the aforesaid Income Tax. Can I pay on my own or it is necessary that I hire a professional / Chartered Accountant ?
If I can pay on my own what is the procedure and the necessary documents required.
CA PARAS BAFNA
(Expert)
17 January 2016
You have to hire a professional as filing a return of income is different from filling up a form and uploading the same. A professional can plan your taxes in a better manner.
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