Dear all my professional friends.
I have one query which I am putting it to this forum;
Father purchased immovable property for Rs.13,400/- in FY 1986-1987 and was sold in FY 2010-2011 after his death. The sales proceed of the sold property was around Rs.84.00 lacs and the same was equally shared by his spouse, son and daughter.(Rs.27.00 lacs each)
Valuation done for stamp duty purpose was around Rs.10.00 lacs.
Spouse have invested the sales proceed in notified bonds u/s54 EC.
Son has purchased new flat costing Rs. 40.00 lacs u/s 54F.
Daughter has not done anything ant is yet to file the Income Tax Return for AY-2011-2012.
I want to know what will be tax liability and the interest, if any, on the long term capital gain for the daughter as the return has to be filed before 31st March, 2013
Pl treat this query as most urgent and reply immediately
From a Member
CAclubindia
