If my father bought a land @ (e. g) Rs. 100 per cent, in the year 1960, we lived there, father expired, we, children divided & registered the land in each names, as last son, I occupy the house, mother is staying with me, I want to sell part of my land. If the sale price is Rs. 2 Lakhs,1. will there be capital gain tax payable by me? 2. How much or what  percentage / criteria?  3. How & when? Do we have to inform anybody or Govt. Dept. s will serve notice? 4.After how long this to be paid ?






1. There will be Capital Gain Tax on the profit portion. 2. 20% of the Profit. 3. You have to file Income Tax return after the end of financial year; but before July 31st of next financial year. 4. Tax has to be paid before or at the time of filing IT Returns.

How would you rate the answer?


Excellent Good Neutral Poor Bad

Thank you for your response..


tesz.in
Hey , can you help?
Answer this question