The benchmark price of a land is 68000/-per decimil.HTElectric lines are over it.so a buyer is agreed to purchase at the rate of 20000/- per decimil.Total land 50 decimil.land is within one km distance from a municipality whose population is 117000 as per last census.Sub-Registrar agreed to register with 20000 per dcml but stamp duty he will charge @ 68000 per dcml.Now so clarify the tax liability.@ 68000per dcml or 20000 per decimil & who will pay the tax the seller or the buyer?
A person has changed his name before 30 years ago by court affidavit.As some old records are in old name both the names are valid as per his affidavit.PAN is in old name and ADHAR is in new name.Now due to this he is unable to link PAN with ADHAR.As linking is compulsory how would he resolve his problem.
Bench mark price of a land is 45000 per dcml in one kisam. Adjoining to the same plot benchmark price of another kisam land is 400 per decimil.Both are agricultural land of same type. If a person purchases both the land at 400 per dcml what will be tax liabilty @ 45000 or @ 400.Please give the applicable section of ITActof India.
One person has changed his name before 30 years ago.As there are some documents in old name he affirmed both the nanes as legal as per his affidavit.so PAN in his old name and ADHAR in his new name.Now he is facing difficulties in linking PAn with ADHAR.As linking is compulsory how could he resolve his problem?
Bechmark price of a 10 dcml plot is 45000 per dcml .Bench mark price of another10 dcml plot adjoining to it is 400 per dcml. Both are urban agricultural land.If a person purchased both the land at 400 per dcml then in what rate the seller is to pay income tax,.The seller has purchased the land in 1980 for 400 in all.tell me the tax liability of the seller ,
Is a govt employee can ask RERA permission to sale his Urban agriculyural land.What is the main obligation of the seller towards the purchaser.
If a land is indexed in a civil suit.Now the Title holder wants to sale it. can he do it?Or the opponent party can get an injunction.
What is the procedure to engage a registered incometax valuer before selling an urban agricultural land?
Hi,
1) 20,000 per decimil. Seller will pay the tax.
2) Get the new PAN card according to Aadhaar and then link it.
3) 45,000 per decimil. Section 50C.
4) I think RERA is for registration of projects by the builders and developers. Take second opinion.
5) Take concerned advocate opinion. Can ask on indiakanoon.com
6) No such procedure.
Thanks
Hi
Capital gains need to be paid by the seller considering 20000 per decimal as sales consideration. Stamp duty to be paid @ 68000 by the buyer, unless otherwise agreed.
You need to get your PAN updated by filling application for changes.
The seller needs to pay capital gain taxes according to actual sales consideration. Capital gain shall be calculated by reducing the indexed cost of acquisition from the sales consideration.
No.
You may consult a lawyer for the same.
There's no such procedure.
Hi
Buyer will pay Stamp duty @ 68000 and seller will have to pay capital gain tax @ 20000 .
Can get his name changed in PAN card , then linking process will go.
Rera registration is mainly for builders for construction projects as per my opinion.
No specific procedure to get Registered valuer.
Hope it helps
Hi,
Hope you are doing well !!
The tax liability will be 20000 per decimil and seller will pay the capital gain tax.
Update the PAN data as per Aadhaar data.
As per section 50 C-In case sale consideration received or claimed to be received by seller on sale of land or building or both is less than value adopted by stamp valuation authority, such value adopted by SVA would become actual sale consideration received or accruing to the seller. Therefore, capital gain would be Valuation as per stamp valuation authority reduced by cost/indexed cost of acquisition i.e.45,000 per decimil.
5) No, govt employee can not ask RERA permission to sale his Urban agricultural land.
6) Consult with a lawyer.
7) No such procedure.
One need to pay capital gain tax by considering valuation under section 50C as 68000.
Also the buyer will have to pay income tax under section 56(2)(vii) on the difference amount between 68000 and 20000.
To link Aadhar and PAN either update Aadhar or Pan and then link them.
There is no requirement of rera in just transfer of property.
Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.
Thank you
