banner_ad

Tax liability related

This query is : Open 
Avatar

Querist : Anonymous

Profile Image
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.
Profile Image

TKKKKKK

Profile Image

TKKKKKK (Expert)
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)
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
19 May 2026
Fundraising Expert

MentorsWorld Ventures Private Limited

Ahmedabad

Others

View Details
Company
16 May 2026
Account & Audit Asst

RAHUL KHANDEBHARAD & ASSOCIATES

Nashik

B.Com

View Details
Company
29 May 2026
Company Secretary - Part time

Shaswat initial support private limited

Ahmedabad

CS

View Details
Company
14 May 2026
Financial Analyst - Remote Finance Expert

HiringBridge

Ahmedabad

CA

View Details
Company
26 May 2026
CA / MBA (Finance) / CMA / M.Com (Finance)

Sri Aurobindo Gnostic Centre of Education

New Delhi

CA

View Details
Company
ARTICLESHIP 27 May 2026
CA Article Trainee

Rahul Dang & Associates-Chartered Accountants

Pune

CA Inter

View Details
Company
22 May 2026
U.S. Financial Reporting & Consolidation Manager

Karia Overseas

Ahmedabad

CA

View Details
Company
ARTICLESHIP 15 May 2026
ARTICLE ASSISTANT, TRAINEE AND PAID ASSISTANT

YOGESH KAPOOR AND ASSOCIATES

New Delhi

B.Com

View Details