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Q. > Please Help: income tax
One of My Client sold some plots which he was purchased as a agricultural land.he purchased that land in 2007 at Raigarh. Chhattisgarh state he sold his plots in different sizes just 20 days ago at Rs.5 lakhs each.he note this amount in document which is registered by registrar office,also his plots government value was noted in his document i.e.Rs.10 lakhs.
i want to know that whether advance tax for that transaction,when i calculated his advance tax against this transaction,i considered sale consideration value Rs.10 lakhs, but he actually received Rs.5 lakhs.here front party deposited stamp duty + registration fees on amount of Rs.10 lakhs.
BUT MY PROBLEM IS HOW whether we CALCULATE THE ADVANCE TAX FOR LONG TERM CAPITAL GAIN ON SALE CONSIDERATION ON AMOUNT Rs.10 LAKHS when he received 5 lakhs. because agriculture land is not covered under the defination of capital assets. or we considered rs. 5 lacs as consideration. pls inform. because it is the tax audit point.
Experts Panelist
Comments
Sagar L.
25-Aug-2014 , 10:05:25 amFirst confirm that whether is rural agricultural land or urban agricultural land, as urban agricultural land is considered as a capital asset and thus liable to capital gains. In case of urban agricultural land you have to compute capital gains by taking sales consideration as 10 lacs only even though you have received 5 lacs as consideration. In case of rural land it will be a capital receipt and is to be disclosed separately in ITR.