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.
CAclubindia
