capital gain on sale of an ancestral agri land

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satish khandve (Querist)
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03 February 2011 we have 1 acre land which is received from grand father to father and which is under 8 km from municipal limit and population is more than 10,000 in this year of the villege . a

are weliable for capital gain tax on that?

details as under:

name on 7/12 exact:-father

type of land :-acestral (grand father)

member in family :-father,mother,1 sister and 3 brother

sale consideration:-1 crore

consideration devidetion:- equally in all family member (20 lacks each)

date of sale:-01.03.2011

type of documents:-with development agreement

my query are under:

1.which persons are liable to pay capital gain tax ?

2.what are the option to save tax

3.is inter partition deed requred to make before sale of the property ?

4.what is mothers and sisters tax liability ?

5.pune city villege lohgaon
please guide us

Guest

Guest (Expert)

03 February 2011 Let me know the nearest city within 8 Km of your village.

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