Dear friends, One of my client have the following query which is related to short term capital gain (sale of plot/land) whose details are given below and tell me how much tax he should deposit now. 1. Booked Delhi Development Authority (DDA) plot in 1981 and paid Rs. 2000 As booking amount. 2.Take a loan in June 2018 of Rs. 540000 (by neft in my client saving accoun) from a company and paid the installments of plot of Rs. 540000 by neft to DDA (ownership or possession of plot received in June 2018) 3. Loan agreement doesn't contain any information regarding for which purpose loan of Rs. 540000 taken. 4. Plot sold in July 2018 for Rs. 1500000 as per sale agreement. (1500000 deposited in his bank account but circle rate price of property is 2250000) and 540000 loan repaid through neft. 5. Expenses incurred for plot till July 2018 100000 but no bills available. 6. Total 2223000 deposited in my client saving account in installments of different amount which is related to this plot only. So tell me how much tax my client have to pay now..? And whether the amount of Rs. 540000 is deductible as expenses or not as per income tax act...? Tax on short term capital gain..? What will be capital gain amount.?
CAclubindia
