I'm purchasing a non-agriculture land(coming under panchayat) of 3000 sq.ft for 22 lacs. It's getting registered in Nov-15. I'm paying the total money to the seller to his bank account by NEFT transfer. In 22 lacs, approx. 18 lacs is my income from salary for which I've already paid 30% tax. 2 lacs will be given by my father-in-law as a loan.Rest 2 lacs is borrowed from friends/loan from society/pf loan if i get.
Should I pay Income tax again for this property as it is purchased from my salary income. If, yes, how much I should pay. Should I pay the tax to the amount of registration value or the amount transferred/paid to the seller. Should I show the loan amount in my income taken from father-in-law & pf loan/friends.
Once you purchased the property and any revenue from it that revenue will be added in your income, after paying tax onyour salary income, additional tax you have to pay for the income from the property, however, there is a 30% standard deduction permitted on the income from the property, for the remaining 70% you have to pay tax accordingly.
If any interest is paid on the loan that amount will be exempted. You no need to declare your loan amounts unless otherwise required.While purchasing the property the registration fees you have to pay according to your state law.
You should pay income tax for buying land if the any revenue generates from the purchased land because this revenue will be counting as your income. If there does not generate any type of revenue from the land then income tax will not levy from you.