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What I Should Do Now? Kindly Advice...

Tax queries 524 views 3 replies

MManjula

Home Maker

68 Points Joined February 2012

Dear Sirs: I asking this question because I am not clear. I appreciate your reply in detail.

In Feb-2009: I purchased plot and registered sale deed for 2.5 lacs. I also paid additional 11.0 lacs thru Cheques. That is total of 13.5 lacs for which I have Receipts & sale agreement.

In Mar-12: I sold the same plot for which registered sale deed for 3.0 lacs. Received additional 7.5 lacs thru A/c payee cheque. That is a total of 10.5 lacs thru A/c payee cheques & sale agreement.

Now what is my Tax Implication and How I should show this in my IT returns. Kindly advice me. I am confused. Appreciate your advice. Kindly Reply.

Manjula

Replies (3)

himanshu jaswani

student CA FINAL CS FINAL B.com(H)

94 Points Joined July 2011

i am little bit confused u sale the plot at lower value ?

you have to specify that on what amount u have paid stam duty only that amount can be shown in IT return..

valji

Accounts manager-MBA

2150 Points Joined July 2008

for paying stampt duty the market value of the prpoperty consider ,if it is more then your sale value then calculating capital gain market value is consider as per sec 50

MManjula

Home Maker

68 Points Joined February 2012

Dear sirs: Kindly let me know how I can account 7.5 lacs received thru A/c payee cheque. How much tax I have to pay. Market value is lesser than sale value. Sale price is lesser than Purchase price. Please let me know.