Which tax liability ?

705 views

Save Share

Join Us Follow Us Add as Source

Rakesh

Others

21 Points Posted on 07 November 2012

Hi,

I am new to this forum,

I have one question regarding Tax laibility :

My Mother is house wife and widow pensior, she is getting 2000/- pesion per month, she had purschased a Non Agriculture land in 5 lacs around 6 years back from the money recevied from my father earnings, she has no other income apart from her monthly pension of 2000/- PM.

Now after 6 year , she has sold the land in 50 Lacs,

So following are the questions

1) is there any tax implication on her ?

2) if yes, what is the tax liability ?

3) is she required to file and kind of ITR ?

Regards and Thanks

Replies (2)

Venkateswara Rao Sapare

Accountant

1341 Points Posted on 07 November 2012

LONG TERM CAPITAL GAINS attract Tax.

The status of person may not hold any valid reason in this situation.

May I request you to approach a PROFESSIONAL and file the returns?

KARANDEEP,CA,B.Com,CS FNL

JOB

387 Points Posted on 07 November 2012

Originally posted by : Rakesh
	Hi, I am new to this forum, I have one question regarding Tax laibility : My Mother is house wife and widow pensior, she is getting 2000/- pesion per month, she had purschased a Non Agriculture land in 5 lacs around 6 years back from the money recevied from my father earnings, she has no other income apart from her monthly pension of 2000/- PM. Now after 6 year , she has sold the land in 50 Lacs, So following are the questions 1) is there any tax implication on her ? 2) if yes, what is the tax liability ? 3) is she required to file and kind of ITR ? Regards and Thanks