Urgent plz help...
This query is : Resolved
27 January 2014
Sir
my employer has purchase an agricultral land for rs 1250000 in 2008-2009.
But the person from whom we purchase the land is receiving notice from income tax office that the person should pay tax on rs 5661600 which is the value decided by the govt.. what should the person do??
Does the person is required to pay tax on the amt of rs 5661600 or should pay tax on rs 1250000.
Plz help as soon as possible....
my employer has purchase an agricultral land for rs 1250000 in 2008-2009.
But the person from whom we purchase the land is receiving notice from income tax office that the person should pay tax on rs 5661600 which is the value decided by the govt.. what should the person do??
Does the person is required to pay tax on the amt of rs 5661600 or should pay tax on rs 1250000.
Plz help as soon as possible....
AVTAR SINGH
(Expert)
27 January 2014
As per section 50C the stamp duty value has to be considered for computation of capital gain.
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