capital gain
Arun Kumar Goyal
(Querist) 19 May 2011
This query is : Resolved
A land has been sold by Rs.34,00,000/- in cash but received Rs. only Rs. 17,00,0000/-. this land is ancestral but power of attorney has been taken from brother. this case is selected under the scheme of annual information return. first question is concealment of sale of land sale. what consequences in income tax will be arisen and capital gain will be arisen in hand.please reply of charge-ability of capital gain
Guest
(Expert) 20 May 2011
Such issues involving huge capital gain should not be dealt with merely on fragment of information or advice. That way, either you would adjust more than your eligibility or can lose more in taxation.
So, better get full consultation, including preparation of IT Return from a Tax Consultant or Chartered Accountant dealing with tax cases.
