Tax Query in incometax
This query is : Resolved
09 August 2008
Respected Sir,
Please answer the following Tax Queries. I will be thankful to you.
1. My Father has sold a resident house which was kept vaccant for more than 4 years in his town. The house was given by his father in 1982 to my father. My Grand Father is no more. The legal document are in my father name from 1982. The resident property was sold for Rs.4,60,000/- in F.Y.07-08. The same amount was deposited in Capital Gain account scheme in december 2007. And he has created a HUF (only PAN applied) under which status it is Taxable (i.e.Individual or HUF). Is interest received from Capital Gain account scheme is Taxable or Exempted. If it's exempted under which section till now my father did not purchase a Resident house. Now he like to claim the invested amount under which section can he claim the deposited ("Capital Gain Account Scheme Rs.4,60,000/-) amount. What is the procedure for creating HUF? (already only PAN is applied). Please help me.
2. My Grand Father has deposited in my name. Now I am 20 yrs when I was minor (is in UTI Childrens Tax Free U/s.64 & ARS Bonds) for Rs.50,000. I have been receiving every 6 month the interest. Before the maturity date the entire amount deposited is UTI (Childrens Tax Free U/s.64 and ARS Bonds) are withdrawn i.e. the entire amount Rs.50,000/-. Myself have separate PAN & Regular return Filing Assess. What is the tax treatment & to whom it is levied? Rs.50,000/- is only the principle amount.
Please answer the following Tax Queries. I will be thankful to you.
1. My Father has sold a resident house which was kept vaccant for more than 4 years in his town. The house was given by his father in 1982 to my father. My Grand Father is no more. The legal document are in my father name from 1982. The resident property was sold for Rs.4,60,000/- in F.Y.07-08. The same amount was deposited in Capital Gain account scheme in december 2007. And he has created a HUF (only PAN applied) under which status it is Taxable (i.e.Individual or HUF). Is interest received from Capital Gain account scheme is Taxable or Exempted. If it's exempted under which section till now my father did not purchase a Resident house. Now he like to claim the invested amount under which section can he claim the deposited ("Capital Gain Account Scheme Rs.4,60,000/-) amount. What is the procedure for creating HUF? (already only PAN is applied). Please help me.
2. My Grand Father has deposited in my name. Now I am 20 yrs when I was minor (is in UTI Childrens Tax Free U/s.64 & ARS Bonds) for Rs.50,000. I have been receiving every 6 month the interest. Before the maturity date the entire amount deposited is UTI (Childrens Tax Free U/s.64 and ARS Bonds) are withdrawn i.e. the entire amount Rs.50,000/-. Myself have separate PAN & Regular return Filing Assess. What is the tax treatment & to whom it is levied? Rs.50,000/- is only the principle amount.
09 August 2008
in 1982 the house is inherrited received by your father so it is his personnel asset's first you will take cost of your grandfathers house if it is before 1981 thenyou will get value from valuation officer's take indexation of 1982 so you will invest only capital gainu/s 54 & not whole amout
if your father want to open HUF a/c firstly you will apply for pan then open a bank a/c in any bank
your grand father invest money in us 64 children taxfree& ars a/c it income of your grandfaters u/s 64 slubing provision is apply if your grandfather is not alive then it is your taxfree income
if your father want to open HUF a/c firstly you will apply for pan then open a bank a/c in any bank
your grand father invest money in us 64 children taxfree& ars a/c it income of your grandfaters u/s 64 slubing provision is apply if your grandfather is not alive then it is your taxfree income
13 August 2008
Thanks for your message
As I Am CA Student Please help me the Following : Advance Thanks for all.
1) i Want to know weather this is taxable in HUF or Individual Status? (PAN Allotted for HUF the amount is invested in a Bank Rs4.6 Lakhs )
2) we have invested the entired amount Rs 4.6 Lakhs in capital gain account scheme in SBI .Still the amount is not utilised till now . but return is yet to file under which section the invested amount is exempted under which status (HUF or Indl)
3) Can we treat the invested amount in Capital Gain Account Scheme as HUF status? The PAN is Not given to the Bank in which we have deposited. now we have both PAN for Individual And HUF.
4) You Have mentioned as personal effect ( Personal Effect means for Individual or HUF ) Please say me Clearly sir .
once again Advance Thanks to All
T.S.Mohana Harish
As I Am CA Student Please help me the Following : Advance Thanks for all.
1) i Want to know weather this is taxable in HUF or Individual Status? (PAN Allotted for HUF the amount is invested in a Bank Rs4.6 Lakhs )
2) we have invested the entired amount Rs 4.6 Lakhs in capital gain account scheme in SBI .Still the amount is not utilised till now . but return is yet to file under which section the invested amount is exempted under which status (HUF or Indl)
3) Can we treat the invested amount in Capital Gain Account Scheme as HUF status? The PAN is Not given to the Bank in which we have deposited. now we have both PAN for Individual And HUF.
4) You Have mentioned as personal effect ( Personal Effect means for Individual or HUF ) Please say me Clearly sir .
once again Advance Thanks to All
T.S.Mohana Harish
07 November 2021
1. Being ancestral property, it can take status of HUF property, and hence all the documentations should be carried over under HUF status.
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