if Mr X bought a house for 10 lac on 3rd oct 2013 whose stamp value determined is 15 lac, and then sold it to Mr Y for 20 lac. on 1march 2014.... PLZ ANYONE CAN EXPLAIN ME HW IT WILL BE TAXABLE AND UNDER WHICH HEAD ??
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Direct tax query
Replies (7)
Capital gain.....short term.....cost of acquisition 15 less sale value 20 gain 5 . Taxable at normal slab rates. No exemptions.
Sorry cost will be 10 gain =10.
If 5 is taxed as income from other sources due to purchase of immovqble property for inadequate consideration than coa will be taken as 15 so 15 is correct :D
sections 50 C, 56 (2) (vii) b
initially at the time of buy on 3rd october 2013 following personal would be liable to pay tax
Buyer Mr. X u/s 56 (2) (vii) b Rs. 5 Lac
Seller u/s 50 C Rs. 5 LAc
at the time of sale on 1/03/2014 there is STCG Rs./ 5 LAc is there hence taxable in hand of Mr. X only.
i also agree with tax pandit ji
it means 5 lac under ifos,and 5 lac under stcg would be the tax liabilty for mr x....?
As per section 56 (2)(vii) income from other sources is 5 lacs in hands of mr. X and As per section 49 (4) cost of acquisition will be the fmvtaken under consideration for this case I.e the fmv.
Then on sale stcg for mr.x will be rs. 5 lacs..
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