Do I have to pay income tax on the property I bought
In dec-2014 I purchased a Industry firm (Industry is registered in APIISC). THe stamp duty value of the land is 95lacs INR and we bought it for 60Lac Inr.
I am an NRI individual living in Netherlands from Dec-2011. Now my father has heard about this and has approached his CA. Surprisingly he told I need to pay a total of 12.5lac INR now immediately or else every month a due of 25K INR will be added to the current dues.
Seriously I don't have that much money to pay tax now. Also this is something that I/we don't know at all when we made the deal.
Given the situation above, can you please answer the below questions for me,
1) Do i have to pay this tax?
2) If so, then how much time I have to pay this?
3) can the expenses like stamp duty can be exempted from this capital gain?
4) I didn't receive any intimation from tax office so far. Nothing is there in my tax website as well.
I have been filling IT returns normally for the rent I am getting in India
5) What are the consequences if I don't pay this? Seriously I can't afford this now.
Please share your advice.