Long term capital gains
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 October 2016
my mother now 80 years old has purchased a plot in tumkur karnataka 40 years ago and recentlt a portion of the same was aquired by the urban development authority for road widening which resulted in demolishing of a one room kitchen which was built on it 30 years ago.my mother has recd a compensation of six lacs based on current market rate from the authorities. my mother is house wife and has a combined income of Rs 25000 per month from the family pension and rental income.
now my question is whether the compensation recd to be treated as long term capital gain and if yes how to calculate the same and will it be taxable .at presnet she is not filing any IT return.
now my question is whether the compensation recd to be treated as long term capital gain and if yes how to calculate the same and will it be taxable .at presnet she is not filing any IT return.
Prof. Bajaj
(Expert)
07 October 2016
It will be long term capital gain. For detailed calculation, please mail details on saurabh.nidhiinvestments@gmail.com
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