subhash 12 July 2016

Tax applicable on source of other income

I have purchase a ready flat for 14.50 lacs in april-2011, I have paid 9.50 lacs at the time of booking. Balance & full & final payment made in February -2012 but flat registrations in January-2014. At the time of registry circle rate of flat Rs.20.36 lacs. As per income tax wanted tax of RS.5,86,000.00 (Diff of Rs.20.36-Rs.14.50). Pl clarify ?

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jyotirmaya behera (advocate) 13 July 2016

You can show your booking date and the value of the flat at the time of booking.

You have the agreement between you and builder. In that agreement the value of the flat most be mentioned and after the advance payment what you have to pay at the time of registration. You most indicate in your show cause reply.

Jyotirmaya Prasad Behera, Advocate

Orissa High Court

Mob: 9132319262