It on sale of residential land received in settlement deed

Dear All,

My son bought a residential land in FY 2009-10.

He did a settlement of the same residential land to my name, through a SETTLEMENT DEED ( SON - to - MOTHER) in November FY 2017-18.

The value of the residential land mentioned in the SETTLEMENT DEED is 10,00,000/- INR.

I sold the same residential land in Feb FY 2017-18 through SALE DEED for INR 10,00,000/- INR

I am a senior citizen woman aged 65 years.

 

I have no other source of Income. 

Should I need to pay Income Tax on the 10,00,000 /- INR , which is the value I received after selling the residential land.

My concern is I did not purchase the land. I received it, through settlement from my Son.

How much tax should I pay on the same?

Please advise. Thank you.

 

Replies (4)
In my opinion, this settlement has been effected to avoid Capital Gain Tax. So,
CG TAX Is to be paid by her son. Moreover,
CG TAX Is nothing to do with IT. Even if she
Is the buyer of the land during 2009-10, and sold during Feb 2018 irrespective of the fact that she is an IE Assesee or not, she has to pay CG TAX.

I await comments from any Case.
Correction to my above reply:

In the 10th line, it has to be as "IT" instead of " IE " and in the last line it should be as
"CA" instead of Case.
If it is a Gift, there would not be any tax liability on the part of our son. As far as you are concerned, as the difference between the purchase price and the sale
price is Nil, there is no Gift Tax liability
on your part also.
dear sir,
thank you for the clarification.

so there is no tax liability ( IT / CG ) on me , who received the land through settlement deed and sold it off.

also is there any tax liability on my son ? he registered a settlement deed / trsnsfer ( not sale) on my name. he did not receive any gains from the transfer of the land.

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