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........?
CA Mahavir Shah
(Expert)
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.
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