Tax liability on sale of ancester property- by senior citize
This query is : Resolved
03 May 2015
my father 8o years old having ancester property want to sell the same at a consideration 1.5 cr.
but amount reced should be distributed between 6 childers.
what is tax liability? and rate of tax?
is there any rebate under senior citizen?
but amount reced should be distributed between 6 childers.
what is tax liability? and rate of tax?
is there any rebate under senior citizen?
04 May 2015
Long term capital gains tax payable at 20% on capital gain after deducting indexed cost of acquisition from the sale value. Capital gain tax can be avoided by depositing the capital gain for 3 years under 54EC bonds.
No tax payable when the amount is given to children as gift to relatives is exempted.
For senior citizen only the basic exemption is available.
No tax payable when the amount is given to children as gift to relatives is exempted.
For senior citizen only the basic exemption is available.
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