Rana Basu (Self Employed) 12 September 2020
A parcel of land with 3 shops situated in a rural village under Gram Panchayat and belonging to my deceased maternal grandfather was purchased by him in the early 1970s. Now my two maternal uncles are planning to sell this off for Rs. 21 lakhs. My deceased mother's share is 1/3rd, i.e., Rs. 9 lakhs. Please advice whether this attracts Capital Gains Tax and if so, the quantum of such tax.
Sunita Tirkey 12 September 2020
Purchased a house in a year 1999 in 5.5 lach plus stamp duty, now sold that house in a year 2020 in 95 lakh and purchased a new house of Rs. 87 lakh , please advice whether difference amount will be treated capital gain and will be paid taxes or exempted from tax.
Raj C Doshi (Practising CA) 14 September 2020
Dear Rana Basu ji
Your transaction shall be liable to capital gains definitely as per the descripttion provided.
Long term capital gains are taxed at 20% + applicable cess
CA. Raj Doshi
R C D & Co.
E : raj @ rcdco.in