Hi frnds,
I have a doubt in respect of income from house property. The details of the case are - Mrs. X has a house property in chennai, which she has received from her mother after 15 yrs of marriage by way of a will. Mrs. X is a PAN card holder. She subsequently sold dis house property to a builder for which she received consideration. (Mrs.X does not have any other source of income and Mr.X's income is lesser than the basic exemption limit) The builder demolished dis house and consructed a flat of which one portion was given to Mrs.X . The IT dept has levied a tax of about 47,000/- on this transaction. Whether any tax planning is possible in dis regard? Is the IT dept correct in leving the tax?
Please help me out.
Thanks in advance.
CAclubindia
