Upgrad LLM

tax on sale of house property


I had sold a house in 2012 through unregistered sale deed and tax on the same was calculated and paid in 2012. The full consideration was received in cash only in 2012. Now I want to register the sale deed. Will this effect my tax liability as there is huge increase in 2017 than that was in 2012 ?
 
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Advocate

If you are registering the sale deed now, then the capital gains will be calculated on the present guidelines/circle rate only.  Yes, you may have to pay capital gains tax accordingly.  

 
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Then what about the taxes which i have paid earlier in year 2012.

 
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First you are inviting trouble by your self. The it officer can penalise you for taking all of them in cash..

B

so if you want to inlude - you should be prepared to pay hefty taxes. 

Better to leave it . as the days are hard.

 
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Advocate

What will happen to the amount of tax paid earlier would depend upon what you have stated.  Without seeing your I.T. Return, it will not be possible to give any answer to that query.

 
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FIN

The amount paid by you may get appropriated from dues….

Approach in person a very able senior counsel of unshakable repute and integrity specializing in revenue/tax matters and having successful track record and worth his/her salt………..

Such counsels are aware of year wise notifications, amnesty scheme if any of state govt and can elp and guide you…by these.

 
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FIN

You may also post at LCI group website; CAClubindia

 
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Advocate

Yes, ONLY Chartered Accountants and other Senior Advocates are wise enough to advice you without seeing your I.T. Returns.  If they ask you for showing your IT Returns, then assume that they are not CA/Senior Advocates worth their salt!

 
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