TAX ON CAPITAL GAIN

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  1. MADHAB KUMAR SINGH

    MADHAB KUMAR SINGH New Member

    I purchased land on Feb 2006 of around Rs.73000. I take advance of Rs. 344800 for 190 sq yard out of 220 sq yard on Dec 2010 at the rate of 1815 ₹ / sq yard whereas collector rate at that time was ₹ 1800. Now collector rate is ₹ 4500 around. Now party purchaser wants to regisster the proprty in his name. I have not paid any tax on this unregistered sale. What is my tax liiability? May I pay tax only according the value which I received at that time? May I sale remaining 30 sq yard at previous fixed rate and pay tax accordingly?
     
  2. gaurav_kumar

    gaurav_kumar Well-Known Member

    At the time of registering the property, the collector will consider the collector's rate as the minimum rate for the purpose of stamp duty valuation.

    And the income tax dept will also consider this rate as the minimum selling price
     
  3. VISHNU AGRAWAL

    VISHNU AGRAWAL New Member

    Sorry sir, but same case was happened a few year ago which was fight in court & seller win the case his liabilit on tax was according to his aggrement cost.
     
  4. gaurav_kumar

    gaurav_kumar Well-Known Member

    @VISHNU AGRAWAL : Was that a Supreme Court Case??

    Because Cases of other courts are state specific.
     
  5. VISHNU AGRAWAL

    VISHNU AGRAWAL New Member

    sir,
    the case was CIT vs S. Venkat Reddy{2013} 57 SOT 117 (Hyd.)
    upload same IMG_20141223_191004-1(1).jpg
     
  6. VISHNU AGRAWAL

    VISHNU AGRAWAL New Member

  7. VISHNU AGRAWAL

    VISHNU AGRAWAL New Member

    I am also suffering from same problem i sold a commercial land of 1 crores in agreement and i received only 1 crore but sale deed was 1 crore 30 lacs.
    so my tax liability will be on 1 crore or 1crore 30 lacs.
     
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