Incometax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

30 March 2015 In parents name has very old property but now my parents has been died and sold out that property and distributed the amount with me, my brother and my sister.

So i wanted to know can liable to pay tax for that

Please Advise me

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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30 March 2015 for that you need to give details of year of purchase and sale of property.

Querist : Anonymous

Querist : Anonymous (Querist)

30 March 2015 Dear Sir

Its Very Old Property like approx(20 YEARS)

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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30 March 2015 then who was the owner(s) while it was sold?

it will liable to ltcg if it wasnt used to invest under sec 54 under any of deduction.

Querist : Anonymous

Querist : Anonymous (Querist)

30 March 2015 Yes,
it is ltcg but we invest the amount in FD, We are not invest in any new property

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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30 March 2015 The ans is no deduction available if invested in fd, infact now the intrest on fd along with capital gain both are taxable.

Message likes : 1 times

Querist : Anonymous

Querist : Anonymous (Querist)

30 March 2015 Yes, Got it sir,

Thanks a lot

Querist : Anonymous

Querist : Anonymous (Querist)

30 March 2015 One more thing what is tax rate, property sold in 2010-11

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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30 March 2015 http://www.charteredclub.com/capital-gain-tax/

check the whole computation format

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