Hi can someone guide me on the following.
My dad had a property which he sold this year. later in the year he expired. the money is being used by my mother for self purpose. Is she or me liable to tax for the sale of property. or do we need to invest the amount in to purchase another property?.
1) Basically it will depend upon the type of property sold.
2) If the property is the one covered u/s 54, then it is necessary to invest the sale consideration as provided in the respective sections to avail the benifits under the said section.
3) Otherwise you can deal with the money as u deem fit.
yes agree with shukla sir... it depends on property which you acquire...
Hi Soham,
The property is an apartment or flat for residential use. the assessee (my father) who sold the property has expired. so under whose name even if tax will be levied? my mother needs livelihood for the rest of her life, why she will invest in another property? within how many years does she, if at all needs to invest, needs to invest in the property?
CAclubindia
