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

CA Kumar Mukesh (Expert)
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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

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