Income Tax on Short Term Capital Gain

Rahul (Executive Assistant) (25 Points)

14 July 2010  

Hi,

My mother has received am amount of Rs. 50 Lakhs by selling a residential NA plot of 5,000 sq. ft. in Pune. She has got this land in May, 2010 by way of Compromise Deed between herself and her cousin brothers. Before that the matter was pending in the Court.

We are going to immediately invest this amount in Real Estate - Flat in Pune. If somebody pl. help with the tax liability applicable for this type of Short Term Capital Gain.

She is a housewife and not a salaried person and not a senior citizen too.

Any help would be highly appreciated.

Thanks and regards,

Rahul Patwardhan