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 ??
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 ??
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....?
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
View Details
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
View Details
CAclubindia
