Income Tax

POSTED BY gmsdon ON June 25, 2012 5:04 pm ONE COMMENT

Dear Sir,
I had purchase a Land for 1,20,000/- and Did NA ( Non Agriculture ) I have paid all the money in Cash for NA. In my Purchase Agreement the Value Purchase is given 1,20,000/- only but the NA Land Value is Rs.6.15,000/- Now I Sold after 2 month for Rs.6,00,000/- and the the sale agreement is mentioned the fullamount of Rs.6,00,000/- ( Rs. 4 Lakh Cheque & 2 Lakh Cash ) is mention in the sale agreement 7 it is registerted. How Much Income tax I have to Pay. I have spend Cash for NA to make Rs 50,000/- but I dont have any paper work. Please Advise me How can I save income tax. Please give me the figure How much actual to pay.
I Have not Filed My Income Tax Return Since 4 years also my Salary income for 3 years was not Taxable. for 1 year my salary income was Taxable Rs, 20,000/-Month.
I want to file all my returns as soon as p[ossible please advice me a CA. I am residing at THane west. Mumbai

One reply on this article “Income Tax”

  1. Dear gmsdon, the sell price – purchase price = 600000 – 120000 = 480000 is the short term capital gain amount to you. It ‘ll be added to your income from all other sources & then ‘ll be taxed as per your slab rate.

    Thanks

    Ashal

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