Capital gains- query- urgent

Rekha (MANAGER - FINANCE & ACCOUNTS)   (1445 Points)

08 October 2011  

Hi frnds,,,

 

Pl answer this capital gains question..

 

An assessee (woman ) age 62 years, got a land in 1986 for 33000/-.

Now she has sold it (july 2011) for 65.5 lakhs and she has recd the money in her bank account.,

Now she wants to settle 10 lakhs for her gold loan and distribute the money to her three sons equally..  The money is still in her bank account ..

 

Whether capital gains will come for the three sons?? i feel it s a gift under will..

Whether that lady has to pay capital gains tax. ???? she has to apply for PAN. and if capital gains for her, what can be done to avoid tax in the next assessment year ?

whether 54 EC is ok to invest the capital gains amount if so what is the procedure for investing in 54 EC?? or any other INVESTMENT..

 

PL REPLY