SOLD AGL LAND AND INVESTED IN HP

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Tax Consultant
192 Points Posted on 26 December 2023

SENIOR CITIZEN ( 70 YRS) SOLD AGL LAND OF ANCESTROL PROPERTY AND HE GOT HIS SHARE OF 8 LAKHS TO HIS ACCOUNT IN AUGUST 2022 , IN DEC 2022 HIS DAUGHTER PURCHASED HOUSE PROPERTY IN HIS NAME FOR 64 LAKHS ( 8 LAKHS HE HELPED FOR DOWN PAYMENT + REMAINING AMOUNT LOAN BY HIS DAUGHTER).

 

IN AIS PURCHASE OF IMMOVABLE PROPERTY IS REFLECTING, IS THERE ANY TAX IMPLICATION FOR HIM.

 

Please help!!!

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On 26 December 2023 at 12:26 Report
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Quick Summary
A senior citizen sold ancestral AGL land for ₹8 lakhs and later invested in a house property worth ₹64 lakhs, with his daughter contributing the majority. The query seeks to understand any potential tax implications arising from this property purchase, given the source of funds. Professional consultation is advised due to the complexity of the transaction details.

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Accountant
688 Points Posted on 26 December 2023
Consult a professional. this won't resolve in queries. need to check exact details and sale deeds to solve this issue
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On 26 December 2023 at 13:01
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Profession
19976 Points Posted on 26 December 2023
Pls explain details
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On 26 December 2023 at 15:28
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Practising CA
5649 Points Posted on 27 December 2023
Mayuri ji, it's a complex issue requiring to attend to details. Requires professional help and involvement.

Rgds
CA. Raj Doshi
R C D & Co.
Chartered Accountants
Kandivali West,Mumbai
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On 27 December 2023 at 00:13

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