We are planning to sold a plot and will earn approx. 27 lakh long term capital gain after indexing from it. That plot is on the name of my mother (age 63 yrs, house wife) and has no other income source. Our one house is also on her name. What will be the Tax liability?
20% + Cess is the tax rate (over 24 lakhs)........... unless deduction for any or all of the 27 lakhs invested in 54EC bond for 3 years.
M N Rao & Associates LLP
Vijayawada
CA Inter
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S.B.G. & CO. CHARTERED ACCOUNTANTS
New Delhi
CA Inter
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CCI
Pro
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