Incometax

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KIRAN PAILKAR (Querist)
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30 March 2015 Dear All Expert

I have one client, he had sold parent's residential property in 2009-10 and invested in Fixed Deposit. I wanted to know can he liable to pay tax. if liable to pay tax then what is percentage.

Please suggest me

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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30 March 2015 then in such case no deduction shall be allowed as investing in fixed deposit shall not allow exemption from capital gains applicable.

you have not mentined that it was a long term or short term capital asset before selling them.

KIRAN PAILKAR

KIRAN PAILKAR (Querist)
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30 March 2015 Sir

Actually what happened parent has been Died. and his property sold out and amount distributed their children . and it is long term capital gain