Answers On Topic: sale of land
- whether sale of agricultural land which is within the municipal limits reserved for public garden and sold below stamp duty ready reckoner price can be subjected to 50C . If not please give relevant case laws on the subject. I would be grateful for your guidance.
► Read Answer
Assessee is private limited co , engaged in the business of construction and development of real estate project. the co hold two lands one is considered as stock in trade and another land is shown as investment which was purchased eight years bank. Now assessee co has decided to sold both the lands and accordingly executed the conveyance deed against the consideration to be received in form of constructed area after 24 months. The assesee co has also hand over the possession of the said land to the buyer of the land. consultant of the Purchaser is saying the tax…
► Read Answer
ASSESSEE EXECUTED BANAKHAT (AGREEMENT TO PURCHASE LAND) FOR TOKEN CONSIDERATION OF RS. 10 LACS. NOW ORIGINAL OWNER IS SELLING LAND TO THID PARTY AND ASSESSEE RECEIVES RS. 30 LACS AS CONSIDERATION FOR SELLING/RELINQUISHING RIGHTS IN THE LAND BY CANCELLING ORIGINAL AGREEMENT TO PURCHASE. WHETHER SUCH SUM RECEIVED FOR WITHDRAWING RIGHTS IN LAND WILL BE CHARGEABLE TO GST? IF YES, WHAT AMOUNT WILL BE TAXABLE - ONLY THE PROFIT MARGIN (RS. 20 LACS) OR ENTIRE CONSIDERATION AND AT WHAT RATE IT WILL BE TAXABLE?
► Read Answer
50C – sale of land reserved for public garden by municipal authorities