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selling land
my parents are selling land worth 30 lakhs(market value not govt value) for my sister marriage. my father is worrying whether we should pay any taxes on it?? *we bought that land 7 years back.
Replies (3)
No question of worrying........ The seller has to pay capital gains tax @ 20%, over the gains/profit over the land (off course, after indexation); reduced any exemption claimed u/s. 54F/ 54EC.. etc...
Hi Praveen,
You can definetly claim the gain part as a exempt. Kindly refer the link as mentioned below, which i have referred.
https://imazzea.biz/forums/thread/14/
(Login to www.imazzea.biz. After login refer the link as mentioned above.
Regrads
Sweta
You have to pay tax provided you do not avail any exemption u/s 54 to 54f.
LTCG is taxable at 20% flat without any limit of exemption
LTCG is taxable at 20% flat without any limit of exemption
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