income tax return for land sale

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

asked Apr 06 '12 at 12:44 by sushma 111


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.

answered Apr 06 '12 at 13:52 by Pankaj Batra 5.2k320

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Asked: Apr 06 '12 at 12:44

Seen: 1,405 times

Last updated: Apr 06 '12 at 13:52