Good Morning
In above case
Sales consideration for Mr. Bhoir is Rs. 9768948 {(3076*1973=6068948)+3700000}
His purchase consideration is 6300000
Now as per STCG He has to pay tax on difference of sales and purchased amount @ normal income tax slab rates applicable on him
Builder will pay taxes as per his profits Please help me regarding taxation
hi this is dr amit baswant got your reference at www.pwc.in am in great confusion abot dealing with a land deal. i have a land which i want to sell to mr bhoir. for 63 lacs mr bhoir wants to get into development agreement with the builder who in returns will give mr bhoir 1973 area free of cost and 37 lacs i have purchased the land 25 yrs back so my profit will go into long term capital gains. am simply put 50 lacs in 3 year bonds and will pay 20% tax on remaining 13 lacs can you please help me hw much tax mr bhoir and builder have to pay in total. ready reckoner(circle rate) rate is 3076 actual market rate is 2800 construction cost for the whole project is 65 lacs.
Asked 7 months ago in Service Tax from Kalyan, Maharashtra
mr bhoir as well as builder will hav to pay income tax as per ready recknor? ready recknor is 3076 but actual rate is around 2500 to 2800.
Asked 7 months ago
Hi Dr. Amit, Sales consideration for Mr. Bhoir would be INR 97,68,948 I.e. (3076*1973)+3700000 and purchase consideration of him would be INR 63,00,000 Now he has to pay capital gain tax on difference of sales and purchased amount. Builder's tax will be calculated based on his total income during the year. Please feel free to revert in case of any doubts Thanks and Regards Abhishek Dugar CA CS B.Com
the condition is mr bhoir has to pay 26 lacs to me and i hav to give him 1973 area. what if i make a partnership between me n mr bhoir and development agreement between me plus mr bhoir and builder.in this case mr bhoir will pay me 26 lacs and builder will pay me 37 lacs. and builder will give mr bhoir 1973 area.will this work? and if so hw much will be taxation for mr bhoir and me? can i put 50 lacs in bonds under long term capital gain?
Asked 6 months ago
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