SOLD OF PROPERTY.
This query is : Resolved
20 August 2010
MY MOTHER HAS GOT A SHARE OF Rs. 66 LACS FOR HER ANSISTERS AGRICULTURE PROPERTY WHICH WAS AT GURGOAN, HARYANA.
SHE DOES NOT HAVE PAN SHE IS GETTING A PENSION OF Rs. 6000/- MONTHLY AFTER THE DEATH OF MY FATHER.
NOW OUT OF Rs. 66 LACS SHE HAS TO RETURN Rs. 30 LACS AND 12 LACS TO HER ELDER BROTHERS AS MUTUALLY DECIDED BY THEM.
KINDLY SUGGEST :-
CAN SHE TRANSFER THIS AMOUNT TO HER BROTHERS.
SHE HAS TO TAKE PAN, IS IT MENDATORY.
SHOULD SHE KEEP COPY OF THE SALE AGREEMENT OF THE PROPERTY SOLD.
KINDLY SUGGEST.
SHE DOES NOT HAVE PAN SHE IS GETTING A PENSION OF Rs. 6000/- MONTHLY AFTER THE DEATH OF MY FATHER.
NOW OUT OF Rs. 66 LACS SHE HAS TO RETURN Rs. 30 LACS AND 12 LACS TO HER ELDER BROTHERS AS MUTUALLY DECIDED BY THEM.
KINDLY SUGGEST :-
CAN SHE TRANSFER THIS AMOUNT TO HER BROTHERS.
SHE HAS TO TAKE PAN, IS IT MENDATORY.
SHOULD SHE KEEP COPY OF THE SALE AGREEMENT OF THE PROPERTY SOLD.
KINDLY SUGGEST.
21 August 2010
1. If the property is agricultural land within the meaning of IT ACt situated outside the prescribed limit after municipal juris. Then no liability occurs under IT act.
2. If 1. is not the case capital gain arises subject to indexation of cost (Value as on 01.04.1981). (deduction is allowable proportionate to amount invested in purchase of new agricultural land)
In this case it is suggested to deduct tax liability from the sale proceed and then proportionately bifurcate the sale proceed according to agreed proportion.
in this case she has to take PAN
and also keep a copy of sale deed
contact ur consultant for detailed computation
2. If 1. is not the case capital gain arises subject to indexation of cost (Value as on 01.04.1981). (deduction is allowable proportionate to amount invested in purchase of new agricultural land)
In this case it is suggested to deduct tax liability from the sale proceed and then proportionately bifurcate the sale proceed according to agreed proportion.
in this case she has to take PAN
and also keep a copy of sale deed
contact ur consultant for detailed computation
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Pass word to open justification report for Q1 for FY 2026-27
- Section 194JA & JB Income which ITR Form to use
- PPF interest-As Exempt Income disclosure
- Scrutiny and reopening of past returns
- Type of Capital Gain
- Booth for sales promotion
- F & O PROFIT REPORTING FOR AY 2026-27
- VALUATION OF PRIVATE LIMITED COMPANY SHARES
- Accounting with Claude
- TDS on Rent received on redevelopment of building
- Tax on Deemed Capital Gain
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
