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intexsuperb (-)     09 September 2011

Tax??

hello sir...

 

Suppose i am selling my land worth 5 Lakhs (Registration value) for 70 Lakhs ( Market value), Now i am not paying any tax for that 70 Lakhs. so now 65 Lakhs is called as black money. I take all d money from d buyer and come to home. Suddenly if CBI Ride on my home , then what is my situation??? will i loose (they ceese) whole money (70 L) ???

Nd one more thing, if the buyer is giving full 70 Lakhs white money, even then shud i pay d tax???

 

Plzzz do reply..... Thankz in Advance!!! :-)



Learning

 3 Replies

adv. rajeev ( rajoo ) (practicing advocate)     09 September 2011

Whatever amount you are getting or got from selling the land is taxable under the capital gain.  If you don't want to pay the tax then invest it in the capital gain expempt schemes.  

If you kept the money and CBI raids and seized the amount then to get it release the amount you will have to show the documents to show that how you got that money>

Sanjeev (Lawyer)     09 September 2011

white money dont mean that you would not be liable to pay taxes. If the property was purchased for 5 lakhs in a year than the indexed cost of purchase would need to be calculated and the difference between Rs 70 lakhs and the indexed cost of purchase would be taxable as long term capital gain. There are some prescribed investment options if the capital gain is invested there no tax will be chargeable on this money.

Normally CBI dont raid and that too for just property sale transactions.

A. A. JOSE (LAWYER; LEGAL ADVISER/CONSULTANT& TRAINER)     09 September 2011

If you sold the property after 3 years' from the date of its purchase by you, then you are liable for payment of long term capital gains tax.  However, if your invest the said amount for purhcase of another dwelling house for you within precribed time frame or if you invest the same in notified  investment scheme like infrastructure Bonds, you will be exempted from the liability of payment of tax.


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