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intexsuperb (-)     09 September 2011

Income 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

 4 Replies

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

your question is answered

Sadashiv Rupchand Gaikwad (Partner)     09 September 2011

It is better to show all transactions white and invest in Long term NABARD, NHA, Rural Electricity Board.

Dharmesh A Gandhi (TAX-ADVOCATE)     10 September 2011

It's better that you can take any expenses related to land in previous years and that expenses are capitalised in to land (if possible). otherwise another option is you may sale land totally in white and purchase another land, then after you can't pay income tax or less income tax. it is manageble and adjustable.

Another option is you can sale land 50% in white and 50% in black. pay some tax and raho relax.

I think second option is better than another option.

Dharmesh Gandhi

Tax-Advocate

 

dhiraj aggarwal (TAXPOINT (Director) 9829551008)     17 September 2011

You have not clear all the things..

If land is rural agriculture land then fully exempt from tax.

den u should show ful consideration in white.

O/w U are as per law assessee in default and you are concelling of income under section 271(1)C.

If you want to save your tax den sale consideration you should invest in any other property in 6 months or in NHA, RECL bond.

 

for further query you can kol me 9829551008 


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