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Capital gain
An individual purchased a plot of land in which was registered in rs. 19 lakes but the market value of such land was rs. 23 lakes, so please tell me the tax treatment of the purchaser of land in detail... Thanks
Replies (2)
Since the land is bought for a consideration which is less than the market value ( here by market value I assumed it to be stamp duty value) Rs 400000 will be treated as purchaser' s income under the head Income from other sources
capital gain arises only on sale .not on purchase there is no tax treatment on the market value increase .
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