My client purchase land from society of Rs. 500000/ in cash and pad stamp duty on Rs. 500000/, but society agreed to show only 12000/ actual consideration recived. Now in registy there are two value one is 5 lacs on which stamp duty paid & 2nd is rs. 12000/ which is shown as actual consideration received by society. After that my client constructed a house by incurring Rs. 600000/- & sold it in Rs. 1200000/-. Acutaly my client earn only 100000/ capital gain ( 1200000-1100000(500000+600000). Now he received a Notice from income tax department. What is cpaital gain in this case?
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