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TAX FOR DIFFRENCE IN CIRCLE RATE & PURCHASE RATE
Sir if i purchase a land at 8 lacs & the circle rate of land is 36 lacs. Than how much tax i have to pay
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The difference value is added to your income u/s. 56 as 'Income from Other Sources' and taxed as per slab rate; while filing ITR.
But if detected by ITO after wards, interest and penalty gets added up,
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