17 May 2008
One of my relative got a land for 60000 i do not know the exact year of purchase but he died and his son took over the property and sold it for 26 lakhs this year. He has received 50000 ,5 lakhs , 4.5 lakhs and the remaining is yet to be received, the sale deed is to be executed in another 15 days or so. What will his tax liability be and what should he do to avoid this liability. Please help.
18 May 2008
1. What is the nature of land? Agricultural or urban? 2. Would the purchase by the deceased would have been prior to 1981? 3. What is he proposing to do with the proceeds?
CAclubindia
