Short term capital gain any possible exemptions from tax pay

" My mother in law received a property as per registration value of 15 lakhs in december 2017."

How? ....... purchased? ........ gifted? ...........inherited?

Dear Sir,

It is a sale deed document (purchased) for 15 lakh rupees.

Sir it will not be taxed direclty at 15% or 20%. It wll taxed according to the income slab. Also Your in laws will get the benefit of deductions under Chaper VI (80C, 80D, etc.)

Dear Sir,

My in laws do not apply for any tax returns yearly. My question is do they have to file before july 31st this year as they received this amount in their account or does the tax authority automatically makes deductions from her account. (usually they do when they gain interest on fds or so if i understand properly). Do they need to approach a tax consultant to file the tax returns. It is grey area for me to understand.

Yes return has to be filed before 31st July 2018.

The limit for deducting Tax by bank for paying interest on fd has a lower limit of Rs.10000. Likewise the necessity for deducting tax by buyer in case of purchase of Immovable property occurs only if the sale value exceeds Rs.50 lakhs. Since it was only Rs.35 lakhs in your case it was not mandatory on the buyers part to do so.

Its advisible to contact a tax consultant or chartered accountant to file the return in order to avoid future consequences, if you do not have sufficient idea in the same. 

Dear Mr. Jeeva,

Thanks for the advice. Is there any option to reinvest the amount in some new residential property or government funds or only way is to file a tax return and claim for tax deductions?

thank you

Is the property sold a land & building and whether it is residential or commercial property.?

the property sold is a residential property.

Im sorry Mr.Shaik Baseer. Since its short term capital gain in your case there are no exemptions available. Nature of property is irrelavent.

that means for the income that araised with this i.e. about 20 lakhs they have no other option except paying tax? they have no income per year, what will be the slab rate for them. could you pl. give a short example, in my case. They can only deduct brokerage fees from the income, anything else they can deduct to reduce the taxable income.

thanks.

If your in law is senior citizen then no tax upto 3.00 lakhs and additonal 1.50 lakhs they can save by investing in Life insurance/Tax saving deposit/PPF to claim under 80C. Balance 18.50 lakhs (20-1.5) is taxable. Tax amount 3,75,950/-*

Whereas is Super senior citizen (above 80 yrs) then no tax upto 5 lakhs + 1.50 lakhs savings as said above. Balance 18.5 (20-1.5) is taxable. Tax amount is Rs.3,65,650/-*

ok. thank you very much for the information.