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Tax on sale of short term capital asset (land)

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23 Points Posted on 14 March 2021
For example Mr.K aged 45 years purchased land on 01.03.2019 for 3,50,000 ( SDV and FVOC is same 350000) and He sold that land on 25.02.2021 for 4,20,000. STCG is 70,000. No other income during the PY 2020- 21. What is the tax liability.
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On 14 March 2021 at 07:29 Report
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Chartered Accountant
86505 Points Posted on 14 March 2021
There is nil tax liability.
1 Reply
On 14 March 2021 at 09:47
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23 Points Posted on 14 March 2021
There will be tax liability if STCG is more than 2,50,000. am I correct
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On 14 March 2021 at 09:54
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17264 Points Posted on 14 March 2021
All assesses get benefit of threshold limit of 250000 or 3 lakhs whichever is applicable
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On 14 March 2021 at 11:55
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Chartered Accountant
24588 Points Posted on 14 March 2021
No liability
1 Reply
On 14 March 2021 at 12:23


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