My father & Uncle inherited agricultural land from my Grandfather & Grandmother who expired in 1965 & 1975 respectively. Most of it were held jointly by my father and my uncle, who is still alive, but my father expired in 1992. These land parcels was registered in the name of my uncle and my expired father. Recently my Uncle and I have jointly sold off this property and the same has since been registered in the buyers name. I had to produce inheritance & relationship certificate as only child of my expired parents, to get the registration done. We have got a total value of Rs 12.8 Lakhs out of which my proportionate share is Rs 8.2 lakhs. Balance ancestral land was in my Uncle's single name and he has sold it directly.My bank account shows a credit of Rs 12.8 Lakhs deposited in my account (in Kolkata) from the same bank branch in our ancestral village in my name. Out of this I have transferred Rs 4.6 Lakhs to my Uncles bank account.
What will be the Income Tax treatment of this sale of agricultural land which was our joint ancestral property? There is no HUF. The land is located in a village in West Bengal.
CAclubindia
