Tax on patrimonial land
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
06 March 2014
My father’s uncle (Mamaji) has sold his patrimonial land in 2013-14 and he gave a small share of Rs.9,00,000/- (Nine Lakh) to my father. My question is that
1.My father needs to pay tax on this amount in FY 2013-14?
2.He will get benefit of long term capital gain?
3.How?
Please help me on above query.
1.My father needs to pay tax on this amount in FY 2013-14?
2.He will get benefit of long term capital gain?
3.How?
Please help me on above query.
06 March 2014
no..your father is not required to pay any tax on the above. your mamaji is liable for whole of the tax.
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