Purchase of land

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This query is : Resolved

KRISHNAMOORTHI.V (Querist)

04 July 2015 Dear sir,

purchase of land at erode municipalaity under value is rs.15,00,000/ market value is rs.50,00,000/- my dobut is income tax purpose of which amount with purchase cost

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

04 July 2015 What is the value adopted for stamp duty. How much amount you paid as shown in the document.

gbalakrishnan

gbalakrishnan (Expert)

05 July 2015 RIGHT ONLY STAMP DUTY VALUE AND STAMP DUTY PAID AND DULY REGISTERED.

ANY OTHER VALUATION CANNOT BE CREDIBLE AFTER ALL ONE COULD SELL AT MUCH LOWER PRICES EVEN FOR MANY REASONS, LIKE HE NEEDED URGENTLY MONEYS HOW HE WOULD RAISE IF HE TALKS SOME GREAT VALUE OF LAND...TAX MAN IS NOT THE ARBITER BUT HE ONLY GETS HIS SHARE OF CAPITAL GAINS TAX, NOTHING MORE AND NOTHING LESS!
TAX MAN HAS TO WORK UNDER ART 265 OF THE CONSTITUTION OF INDIA AND ALSO NEED RESPECT ALL YOUR FUNDAMENTAL RIGHTS HE IS NO BODY TO ABRIDGE YOUR FUNDAMENTAL RIGHTS NOT TAKE AWAY YOUR RIGHT UNDER RT .265..!

gbalakrishnan

gbalakrishnan (Expert)

05 July 2015 TAX MAN MIGHT SAY SO MANY THINGS BUT HE HAS O FOLLOW THE PITH AND SUBSTANCE OF THE CONSTITUTION, HE HAS A TARE DECIS IN ONGC V CIT AT AN SC JUDGEMENT MOST RECENTLY, WELL BROUGHT OUT BY ARVIND DATAR IN A MINING OIL MATTER.

gbalakrishnan

gbalakrishnan (Expert)

05 July 2015 LAW MAKING IS NO FUN BUT ONE HAS TO GO BY TENETS OF THE CONSTITUTION OF THE COUNTRY WHEREVER THE LAW IS MADE.

NEVER OVER EVALUATE TAX MAN BUT JUST KEEP HIM AT HIS RIGHT PLACE IS THE GOLDEN RULE , ELSE HE WOULD MISUSE YOU LIKE ZIMMERMAN IN GERMANY MISUSED IN THE PAST.

THEY USED TO GET COMMISSIONS FROM THE PEOPLE BUT NO FAT SALARIES LIKE YOUR TAX COMMISSIONERS GET , LIKE THE LEGISLATORS GET THEIR SALARIES BY THEIR OWN PROCESS OF SEEKING BY THEIR SO CALLED LEGISLATORS NEW UNIONS FORMULAS THAT IS SURFACING TODAY AT THE COST OF TAX PAYERS ONLY.

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