Capital Gain:Fraud

5 lacs x     632  /447= 706935 ( indexed cost of property)

30 lacs - 706935 = 2293065 ( net capital gain after indexed cost)

capital gain tax 20% on 22.93 lacs payable 

Thanks for the calculation Mr Sharma, I appreciate it.

I would like to know if there is any time limit for me to pay the TAX of 4.6 Laks

If I am unable to pay what are the legal consequences?

Can IT department recover the TAX in any other form? Can they attach it with my Salary.

I am planning to meet some TAX consultant in Person to discuss, but wanted to use a much wider forum to use suggestions.

Thanks to anyone read this post and an attempt to Respond.

I am waiting for updates.

if u have got incometax clearence at the time of selling the property, then its must to show the same in return this year, 

if u have not applied for ITCC then u can escape now, ...............

i m writing here against the rules, but sometimes situations does not allow us to follow the rules.

Your money loss in fraud is a CAPITAL LOSS which can LOGICALLY be set off agaist all CAPITAL GAINS. But can you proove that your loss was from your capital, accumulated thru your income savings after paying TAX from year by year. If yes than there should not be any problem. Did you lodged FIR, which could have been to establish your loss genuinely. -- AKA

Balance capital gain should be taxed, if any after COST INFLATION INDEX calculations. Balance capital loss if any, could be taken forward for coming eight years.

Dear Mr Agarwal,

Thanks for your inputs. I would like to break down on the 30 Laks which was in the registered sale deed.
Purchaser took a loan of 21 Laks and cleared the Mortagage Loan from ICICI, the balance of 9 Laks is mentioned as Cash payment in the deed. In this case, should I be paying tax on the below calculation still?

5 lacs x     632  /447= 706935 ( indexed cost of property)

30 lacs - 706935 = 2293065 ( net capital gain after indexed cost)

capital gain tax 20% on 22.93 lacs payable

OR

On just the 9 Laks which was mentioned as Cash payment, ( As I have not received this payment I cannot show any investment)

Obviously, Capital Gain Tax would be 20% of 22.93 Lacs. Mode of receiving  does not matter whether you have recd. in cash or DD or Ch.

Main point is - You should be able to prove your CAPITAL LOSS as you mentioned in a fraud, as well how you had earned that money & paid tax on it & then accumulated your capital fund.

After adjusting this loss, if the net cap. is loss, you can carry over it for the coming 8 years for adjustments against your future Cap. gain. But if NETT OFF Cap. is gain, then you will have to pay tax.

I think this makes you clear.-- AKA