Property income tax enquiry

As the owner of the property is your dather, he will be liable to pay capital gains for the sell of the property.

Long or short tern depend upon the property being held for at least 2 years.

After the tax liability (20% or as per slab rate) paid by your father, he can distribute the remaining amount to you without any tax liability over you all.

please correct 'F' for 'd' in 'dather'

Sir...Property alloted to my father on 1995 from state government that time we paid to government 3 lac sum amount .Kindly clear so how much tds is payable. And one thing more if my father don't pay income tax and TRANSFER TOTAL PAY to us .should we can pay to income tax department behalf him or only he can pay tax.

Only owner can sell the property. When one sells property, liabilty of tax arises over the seller. He is liable to register sell document, and similarly file IT return.

Tax liabilty remains same, so question of paying tax on his behalf is not relevant.

The property should be evaluated as on 1.4.2001, and any gain over its indexed value as on today will be taxed at 20% with 15% surcharge and 4% cess. 

 

Ms. Sonia, if you and your brother want to pay tax, it can be done in two ways
1. let your father sell the property and after that prepare capital gain computation and file ITR for your father and pay tax

2. ask your father to gift the original property to you and your brother, and after sale, you both pay capital gain tax in proportionate to the receipt of sale consideration.

suppose, if your going to invest the sale consideration in any residential property, then subject to the nature of original property, deduction under 54 or 54f can be claimed