Sale of land at higher than guideline value

I sold my land in June 2018 which was bought in the year 1990. I got the land at a  price of 7200. I sold for 34.32.000. Actually, the document was for a value of Rs 45,60,000 and I got the difference in capital gain tax Rs 2,34,624 for the excess amount of Rs 11,28,000 (which I did not receive ) in a different account from one of the relatives of the buyer. I have paid a commission of 1,00,000 to the broker 20000 by cash and 80000 by Fund transfer 

Guideline value as of 1-4-2000 was 44 / sq ft. Present guideline value is 536. Area of the land is 2091 sq ft

How much capital gain tax should I pay and when I should pay this? 

Pl suggest 

Thanks in Advance 

Replies (5)

LTCG tax around 9 lakhs........ to be paid (45% before 15th sept, 75% before 15th Dec. & 100%% by March,2019) 

Thanks for your input. Is there is any other ways to reduce the tax?

Yes, purchase/construction of house property &/or investment in capital gains bonds..... or any startup (MSME)

Thank you sir. If I select to invest in startup MSME before what is time period I should do that. Pl let me know thx

Refer Sec. 54GB of IT act.....

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
15 September 2026
Client-site CA associate

Aditya Muley and Co

Mumbai

CA

View Details
Company
16 September 2026
Internal Audit - Team Lead

Consulting & Beyond

Chennai

CA

View Details
Company
19 September 2026
Finance Manager

Mugdha Art Studio

Hyderabad

CA

View Details
Company
ARTICLESHIP 16 September 2026
Article Assistant

MANUJ SHARMA AND COMPANY

Noida

CA Inter

View Details
Company
07 October 2026
Senior Account Manager

Amplio Invest

Mumbai

M.Com

View Details
Company
12 October 2026
AUDIT , ACCOUNTS AND TAXATION

KDSS

New Delhi

B.Com

View Details
Company
Featured ARTICLESHIP 06 October 2026
Semi Qualified

AJAY SINGH AND CO LLP

Thane

CA Final

View Details
Company
ARTICLESHIP 07 October 2026
Article Assistant

Malhotra Rajesh & Associates

New Delhi

B.Com

View Details