SOLD OF PROPERTY.

This query is : Resolved

subhash sharma (Querist)
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20 August 2010 MY MOTHER HAS GOT A SHARE OF Rs. 66 LACS FOR HER ANSISTERS AGRICULTURE PROPERTY WHICH WAS AT GURGOAN, HARYANA.

SHE DOES NOT HAVE PAN SHE IS GETTING A PENSION OF Rs. 6000/- MONTHLY AFTER THE DEATH OF MY FATHER.

NOW OUT OF Rs. 66 LACS SHE HAS TO RETURN Rs. 30 LACS AND 12 LACS TO HER ELDER BROTHERS AS MUTUALLY DECIDED BY THEM.

KINDLY SUGGEST :-

CAN SHE TRANSFER THIS AMOUNT TO HER BROTHERS.

SHE HAS TO TAKE PAN, IS IT MENDATORY.

SHOULD SHE KEEP COPY OF THE SALE AGREEMENT OF THE PROPERTY SOLD.

KINDLY SUGGEST.

SAMEER

SAMEER (Expert)
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21 August 2010 1. If the property is agricultural land within the meaning of IT ACt situated outside the prescribed limit after municipal juris. Then no liability occurs under IT act.

2. If 1. is not the case capital gain arises subject to indexation of cost (Value as on 01.04.1981). (deduction is allowable proportionate to amount invested in purchase of new agricultural land)
In this case it is suggested to deduct tax liability from the sale proceed and then proportionately bifurcate the sale proceed according to agreed proportion.

in this case she has to take PAN
and also keep a copy of sale deed
contact ur consultant for detailed computation