Sale of land and tax

Yes, it'll attract long term capital gain tax

Off course yes

Yes ltcg

Depends on 2001 market value of property.

Date of purchase is not given so fair market value or cost of the property you cannot tell.

Seller cum assessee has never filed any tax return. She is receiving widow pension. Land in Bilaspur was purchased in July 1993,  this being agri land is being converted to residential status and to be sold at Rs.48 Lakhs minus Rs.5 Lakhs on account on brokerage,lawyers fees, tips elsewhere.So in hand Rs.43 Lakhs.

No plan to buy any property  out of the sale proceeds.

Kindly advise how to move ahead . Is it compulsory to pay tax? Will seller's bank disclose receipt of  such an huge amount to RBI under any guidelines?

 

Compulsorily need to pay tax and declare income as same is shown on income tax portal . If not filed then you would received notice and then you have to pay tax with interest and penalty.


First thing you need to do ask for market value as on 01.04.2001.

Also I messaged you my details, call me for descripttive details