Consideration in inherited land
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 December 2014
Sir, my one of my friend have inherited land in Thane, there are three brothers, they decided to develop that plot, but due to some dispute 2 brothers decided that they give the lupsum Rs.1 Crore to my friend, now the question, How much the tax he has to pay, & How he can save the tax
CA Kumar Mukesh
(Expert)
21 December 2014
As per section 47 inheritance in exempt from income tax
As per section 49(1) cost of acquisition shall be deemed to be cost of previous owner
As per section 2(42A) period of holding shall include holding period of previous owner also
Therefore Long Term Capital Gain will arise and taxable under section 112.
Further, assessee claim exemption if invested in new house (under section 54) of invested in Bonds of NHAI or Reci under section 54EC
As per section 49(1) cost of acquisition shall be deemed to be cost of previous owner
As per section 2(42A) period of holding shall include holding period of previous owner also
Therefore Long Term Capital Gain will arise and taxable under section 112.
Further, assessee claim exemption if invested in new house (under section 54) of invested in Bonds of NHAI or Reci under section 54EC
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