sushma
1
sir, I have a salaried person, I am not returned in It till on this date because My total earning in below 1,60,000/- every year. In this year, on march I have received of Rs. 5,00,000/- sold the land in my village. I am fixed deposited this in my bank. Also I have a housing loan since two years.
if I want to retun my file this five lakhs were I showed & also it is any kind of tax atracted
Thanking you
sushma
You need to compute long term gains on land sale using following method:
Purchase Year = A, Purchase Cost = P, Cost Inflation Index (CII) for purchase year = X
Sale Year = B, Selling price = Q, CII for sale year = Y
Indexed Purchase price = P x (Y/X) = R
Long term capital gain = Q - R = S
Income tax on capital gain = S x 20%
This income tax would need to be paid and then income tax return can be filed showing same.
