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intexsuperb (-)     24 June 2011

Government and market value???

hello sir!!   Consider i am having a property (land) of government value 20,00,000 (20 lakhs). now i am selling that land for 1,00,00,000 (1 crore)

1. Shud i pay any tax for that to make whole money into white money???  if how much???

2. if i wont pay the tax , how much money is consitered as white money in that 1crore???

3.can i store whole 1 crore in the bank without paying any taxes?? or can i store only 20 lakhs???

 

                 and  give me some more details about government nd market values

 

plzzzzz replyyyyyy



Learning

 5 Replies

Bharatkumar (ADVOCATE )     24 June 2011

If u registration a Sale Deed in registrar office first they cheack a government value If your value is lessthen market value in that time u pay stamp duty as per Government value AND If your value is up then Government value u pay a stamp as per u mention a consideration amount in sale deed.

 

And related to TAX  U contect your C.A for that. 

intexsuperb (-)     24 June 2011

@ Barath kumar  :  Sorry i dint get you!! can u give answers for all my 3 questions stated above???

intexsuperb (-)     25 June 2011

Any one there???? plz answer ( reply) to my questions!!!   Thanks in advance!!

Bharatkumar (ADVOCATE )     28 June 2011

U pay white money as per rate of government and if u pay over the rate of government rate it's a white money.

Note :- In sale deed u write consideration amount is white amount and u pay stamp duty on this amount.

u contect your C.A for tax releted matter.

m.kupparaju (Advocate)     26 July 2011

Dear Intexsuperb,

That the amount you get out of sale proceeds in excess of your government guidelines value will be called as capital gain on that amount I presume 30% will be deducted towards Income Tax and remaining balance you can deposit in any nationalized bank quoting your PAN Number. For better guidance and suggestion in this matter contact your Income Tax Practitioner. 
 


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