Tax liability on sale of ancestral property
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 June 2012
Hello,
Can someone clarify the tax implication on the compensation received against the acquisition of ancestral property (Sale of Land) from a company?
Further requested to clarify wheather this is taxable under Income Tax or Wealth Tax?
Thanks
In continuation to this I would like to know
1. Is this a capital gain?
2. Is there any ceiling beyond which tax will be paid?
3. How to save the tax?
Can someone clarify the tax implication on the compensation received against the acquisition of ancestral property (Sale of Land) from a company?
Further requested to clarify wheather this is taxable under Income Tax or Wealth Tax?
Thanks
In continuation to this I would like to know
1. Is this a capital gain?
2. Is there any ceiling beyond which tax will be paid?
3. How to save the tax?
21 June 2012
1. It is taxable under the head Income from Capital Gain.
2. If the property has been compulsorily acquired by the Government, then it is taxable in the year in which the compensation is first received.
2. If the property has been compulsorily acquired by the Government, then it is taxable in the year in which the compensation is first received.
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