Long Term Capital Gain Tax on Sale of land by Senior Citizen

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YOGESH HABIB (Querist)
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20 June 2021 Hi Expert Professional,
My father as senior citizen sold land Rs. 14 lacs this year which was taken since 2009 Rs.2Lacs but no other source income so is it required to pay long term capital gain tax. My another question is this sale consideration given to his two sons and his one son are about to purchase a house also need to pay long term capital gain.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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20 June 2021 Is it agricultural land in rural area.

CMA Poornima Madhava

CMA Poornima Madhava (Expert)
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21 June 2021 Yes, tax to be paid on LTCG unless such land is an agricultural land in a rural area. Sons are not required to pay LTCG as gift from father to son is not taxable.

YOGESH HABIB

YOGESH HABIB (Querist)
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23 June 2021 It is not agriculture Land it is plot.

YOGESH HABIB

YOGESH HABIB (Querist)
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23 June 2021 My another Question is my father not file any income tax return also need to be pay Tax or not?

CMA Poornima Madhava

CMA Poornima Madhava (Expert)
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23 June 2021 Yes, tax has to be paid

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