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.

TKKKKKK

TKKKKKK (Expert)
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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)

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