Agricuture land sale and money trasfer to sister
This query is : Resolved
04 November 2016
Dear Sir,
I Have agriculture land which received from my father. Government occupied this land and give compensation to me as 50 Lacks. Now 25 Lakcs we will give to my Married sister as my father wish. so pleas tell me what is tax laibility to me or my sister and also tell what document to create for record.
I Have agriculture land which received from my father. Government occupied this land and give compensation to me as 50 Lacks. Now 25 Lakcs we will give to my Married sister as my father wish. so pleas tell me what is tax laibility to me or my sister and also tell what document to create for record.
05 November 2016
No tax payable by you being compulsory acquisition of agricultural land by Govt is exempted from tax. Payment to your sister will be treated as gift to relatives and exempted from tax.
Have a gift deed in a plain paper in simple words with signature of witness.
Have a gift deed in a plain paper in simple words with signature of witness.
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