Income by selling ancient land
This query is : Resolved
25 February 2013
Hi,
My father 70 year old received a amount of Rs 15 lac by selling our ancient land.
Do my father have to pay any tax for this income.....?
Please suggest suitable way of investment to get tax benefit........?
My father 70 year old received a amount of Rs 15 lac by selling our ancient land.
Do my father have to pay any tax for this income.....?
Please suggest suitable way of investment to get tax benefit........?
25 February 2013
For Capital Gain we have to first of all find out its value as on 01-04-1981.
Considering that value and date of Acquisition by your father we have to find out Indexed cost of acquisition.
Based on that we can only give any advise whether you are liable for Tax or not or any investment is to be made not.
Considering that value and date of Acquisition by your father we have to find out Indexed cost of acquisition.
Based on that we can only give any advise whether you are liable for Tax or not or any investment is to be made not.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- RELATED TO TRIBUNAL APPEAL
- HOUSING LOAN ISSUE
- TDS AND ITR ISSUE
- Need Professional Opinion - AY 2012-13 Old Demand & AY 2026-27 Refund Adjustment
- ITR 4 and Bank transactions
- RATE AND HSN CODE
- ADDITION OF CHALLAN IN TDS RETURN FORM 140
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
