Tax liability related
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
16 August 2014
DEAR WE HAVE SOLD 1 ACRE JOINT FAMILY LAND WHICH WAS GIFTED TO MY FATHER IN AROUND IN YR 1950. NOW WE SOLD THE SAME FOR RS.65,00,000/- ONLY THE SHARE WHICH I RECEIVE FROM THIS IS RS.15,00,000/- OUT OF WHICH I RECEIVED IS RS.8,00,000/- OF WHICH I HAVE REC. 4,00,000/- IN CASH. BALANCE CONSIDERATION WILL B RECEIVED BY MAR.2015. HOW MUCH TAX I WILL HAVE TO PAY FOR THE SAME. I M A LABOUR CONTRACTOR DOING LABOUR JOB AMOUNTING RS.900000/- N FILLING RETURN U/S 44AD WITH 8% PROFIT. KINDLY GIVE THE FIGURE OF TAX LIABILITY WHICH I HAVE TO BEAR.
16 August 2014
Consideration 15,00,000
Less Indexed cost of aquisition - portion of land which has been alloted to you.
= long term capital gain.
You can save tax by investing in new residential house as per 54F
or you can purchase REC or NHAI bond and save tax up to Rs. 50 lack.
(You can get cost of aquisition from valuer. Get market value of aquisition as on 1/4/81)
Less Indexed cost of aquisition - portion of land which has been alloted to you.
= long term capital gain.
You can save tax by investing in new residential house as per 54F
or you can purchase REC or NHAI bond and save tax up to Rs. 50 lack.
(You can get cost of aquisition from valuer. Get market value of aquisition as on 1/4/81)
Message likes :
1 times
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
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Taxation of crypto futures in India Fy 2026- 2027
- EPF ECR NEW RULES Sep 17th 2026
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- 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
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
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
