Income tax on money received from parents property
My father in law expired almost an year back. At the time of death, he left a shop almost 50 year old shop in Aligarh, which was owned by his father. On selling this shop during 2016, the four sisters and a brother.got rs 196000./-each. I want to know , what will be the income tax liability on each sister through long term gain or otherwise. more
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Since prperty is acquired before 1/4/1981, so fair market value as on 1.4.81 wiil be considered as cost of property & ten indexation will be done as per formula (about 10times of 1981 valyation). Such indexed cost will be spread among the legal heirs for calculation of long term capital @20% more
Jan 01
When a person receives as Gift the proceeds of sale of ancestral/HUF property, it is not taxable. more
Dec 27
during sale and opted money,it will be your income in the accounting year 16-17 and your income is much then minimum tax slab ( sell value+ your current year income) you have to pay tax. more
Dec 27
