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.
Menu
Capital gains
Replies (3)
It will be exempt
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.
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
Regards
CA. Raj Doshi
R C D & Co.
Chartered Accountants
E : raj @ rcdco.in
Your transaction shall be liable to capital gains definitely as per the descripttion provided.
Long term capital gains are taxed at 20% + applicable cess
Regards
CA. Raj Doshi
R C D & Co.
Chartered Accountants
E : raj @ rcdco.in
Recent Topic
- PF withdrawal and tax liability
- Sale of Goods or Services?
- ITR form query
- Credit against paud RCM on rent
- Dividend difference in 26AS, AIS, TIS
- 194JB INCOME
- Filing ITR3 where income under section 44AD with L
- What is superannuation fund
- GST Refund of input services under Inverted Duty S
- Dividend Reporting
Related Topics
CAclubindia
