Tax on sale of Controversial Land

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  1. Kumar YS

    Kumar YS New Member

    Sir,
    I have purchased land in year 2006 at Rs X. Very next year some people have put false & fabricated cases on this land. I have been fighting cases for past 10 years. Today I have no zeal or interest in retaining this land. Hence I have decided to sell the land at 50% of Circle rate to a buyer who is ready to take risk of purchasing the land under litigation. What are the Tax implications.
    kindly advise.
    Thanks
     
  2. Chandrashekar M

    Chandrashekar M Active Member

    long term capital gains is applicable on the difference between the sale price and circle rate as per the provisions of section 50C of Income tax act.
     
  3. Kumar YS

    Kumar YS New Member

    Sir,
    I would like to know to what extent can the sale price be lower than Circle rate. What happens if I am selling the land at 50% of circle rate due to litigations involved.
     
  4. Karan Batra

    Karan Batra Well-Known Member

  5. Kumar YS

    Kumar YS New Member

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