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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. |
