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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 ?
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 ?
Subin VR, Chartered Accountant,FCA, DISA (ICAI)
Answered on January 05,2021
Answered on January 05,2021
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.