05 August 2011
we have 1 acre land which is received from grand father to father and which is under 8 km from municipal limit and population is more than 10,000 in this year of the villege . Bhadaj near Ahmedabad
are weliable for capital gain tax on that?
details as under:
name on 7/12 exact:-father
type of land :-acestral (grand father)
member in family :-father,mother,1 and 2 brother
sale consideration:- 50 lakhs
consideration devidetion:- equally in all family member
date of sale:-01.03.2011
my query are under:
1.which persons are liable to pay capital gain tax ?
2.what are the option to save tax
3.what is mothers and sisters tax liability ?
5.how to calculate Capital Gain if applicable. [ purchase date of original buyer is not known]
05 August 2011
U ARE LIABLE TO CG TAX COST WILL BE THAT OF UR GANDFATHER IF U CAN PROVE THAT LAND WAS AQUIRED PRIOR TO 1-4-1981 THEN FMV ON THAT DATE WILL BE COST
CAclubindia
