Income from sale of property inveseted in fd's

Guruprasad.R (Team Lead) (57 Points)

23 June 2016  

Hi All,

Thanks for the continous support to all CA club members. We had sold a property 2 years ago which relates to my father came from my grand father and kept that amount in Bank as FD and they are taking interest monthly filling Form 15g.

Now Please advise do they need to pay any income tax and also they need to file IT return which was not filed so far. Also please note that FD's are in my mother name as first person and my name as a second person. I heard from some one that this income comes under capital gain and need to pay income tax.

Regards,

Guruprasad.R