income tax queries

1831 views 3 replies

jagmohan singh

proprietor

25 Points Posted on 02 July 2011

I )A sold land for Rs. 3 lakh thru. agreement and recd.full amt.in 2003(purcahsed in 1995 for Rs. 0.25 Lakh) thru. a/c payee cheque.but no registry was excecuted and the agreement was also not registered.Now, in 2011 the buyer got the registry and inadvertently the amt. mentioned in the registry is Rs.50 lakh i.e Rs. 3 lakh thru ch.(already mentioned in the agreement in 2003) and balance Rs. 47 lakh in cash.This was noticed after the registry date and suplementry registry( tarmima) is made showing that the actual price of the land is Rs. 3 lakh and not 50 lakh.He also got the agreement of 2003 registered after the date of registry.

1) What is the tax implication regarding L.T.C.Gain?

2) What is the value of agreement which was registered after the date of registry?

Replies (3)

Guest

Mr jagmohan

I won't write much but nothing will happen since this transaction is more than 6 year old. forget it and enjoy

kaushal

harmeet

J.E

22 Points Posted on 10 July 2011

I have gross income Rs 5,31,130, allowing exemption of Rs 9600 under transport allowance and Rs 1 lakh for chapter VI-A. The taxable income is Rs 4,18,760. I have saving from interest on bank account @ Rs 20,000. The total taxable income becomes Rs 4,38,760.Should i file the income tax return , keeping in view the exemption limit for Rs 5 lakh allowed this year?