31 May 2015
DEAR SIR, PLEASE ADVISE ME ON THE FOLLOWING SUBJECTS, CONSIDERATION MONEY RS 38LAKH AND VALUE UNDER 50C RS.39LAKH, NOW THE QUESTION IS THAT IS THE VENDOR OF THE PROPERTY LIABLE TO PAY TAX ON BALANCE OF RE 1 LAKH AS INCOME FROM OTHER SOURCES. AND THE PURCHASER IS ALSO LIABLE TO THE SAME EXTENT. WITH REGARDS DEBABROTA ROY
01 June 2015
The seller will be liable to calculate his capital gains on section 50C value and purchaser will have to include Rs. 1 lakh under income from other sources.
CAclubindia
