Incoeme Tax
Querist :
Anonymous
(Querist) 09 April 2011
This query is : Resolved
one land circle value is Rs. 2700000/= but purchase in Rs. 300000/= (non agri)what effect in income tax
bhagwat patil
(Expert) 09 April 2011
while selling you will have to pay capital gain tax, as per the duration between the years purchase and sale.
B.B.R.Goud.
(Expert) 10 April 2011
you need to consult the incometax consultant for detailed solution.
Guest
(Expert) 10 April 2011
Your query is incomplete, as it does not state, whether you want to purchase the property worth the circle value of Rs.27,00,000 for just Rs. 3,00,000, or you had already purchased the property with the sale deed of just Rs. 3,00,000 for the value of the property which has a circle vvalue of Rs. 27,00,000 and you want to sell that now and want to know your income tax liability about that? In the 2nd case the tax liability about capital gain would also depend on the difference of the year of purchase and the year of sale.
The doubt in your question arises because there is a wide gap of Rs.24,00,000 between the purchase value and the circle value.
So, first of all you need to check what you actually want to know?
MUKESH SHARMA
(Expert) 12 April 2011
capital gain tax will be applicale
