Regarding Short Term Capital Gain

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  1. RAJ98422

    RAJ98422 New Member

    I noticed your website lot of useful details available. I want clarification and assistance from your end for below mentioned query.


    I I purchased the Agriculture land along with building on 18-04-2011 for a sum of Rs.8,25,000/- and on the date of purchase Tamilnadu Government Registration Department guideline value for the said property is Rs.8,00,000/-.


    I sold the said property on 23-05-2012 for a sum of Rs.20,00,000/- and on the date of sale Tamilnadu Government Registration Department guideline value is Rs.55,00,000/-. In the said Sale Deed, Sale Deed consideration amount was mentioned as Rs.20,00,000/- only, but the buyer paid the stamp duty on Guideline value of Rs.55,00,000/-. It is pertinent to state that on Apr-2012 the Government increased guideline value of the property more than ten times compare with the previous value.


    I actually obtained profit over the property is Rs.11,75,000/- only. But as per the IT department valuation my profit is Rs.43,25,000/-.


    In this circumstances I received 133 notice IT department.


    Now what can I do? On which amount I liable to pay the Short Term Capital gain?


    I expect valuable reply from your end.


    With regards,

    M.Rajkumar,

    Cell:09842225593

    Coimbatore

    Tamilnadu
     
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