INCOME TAX LIABILITY ON SHARE OF SALES PROCEEDS OF ancestral AGRICULTURE LAND

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This query is : Resolved

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This discussion concerns whether a Rs. 10 lakh share received from the sale of ancestral agricultural land is considered taxable income. The query seeks to understand the tax implications and available remedies to avoid paying income tax on this amount. Further details regarding the nature of the sale and how the payment was received are needed to provide specific advice.

GOKULDAS KAMATH

GOKULDAS KAMATH (Querist)
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14 August 2023 My wife got her share of Rs.10 lakhs out of sales proceeds of agriculture lands in the name of her grandfather

Whether this amount is taxable income

If yes, what is the remedy available so that she need not pay Income tax on this amount

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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14 August 2023 Whether she had signed the sell document directly or through any GPA?
Or she had given her consent for any share in the property?
How the amount was received by her?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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10 September 2024 Good Luck.

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