Income tax on property sale
This query is : Resolved
27 August 2012
Dear Sir,
My Father has been Inherited with a agricultural land from his father, which my father has converted in to non agricultural property in august 2009. In June 2011 he has sold some plots out of that for an agreement value of Rs. 2000000/- and in the same month (June 2011) he had booked an under construction flat whose agreement value is Rs. 2700000/- and the total value of the flat is Rs.4700000/-. I need assistance for filling the returns. How much tax will my father has to pay? Can he avail any exemption on tax?
If you can provide me your contact no. I can get in touch with you and can explain you the whole matter in details.
Thanks
Regards,
Pankaj Patil
My Father has been Inherited with a agricultural land from his father, which my father has converted in to non agricultural property in august 2009. In June 2011 he has sold some plots out of that for an agreement value of Rs. 2000000/- and in the same month (June 2011) he had booked an under construction flat whose agreement value is Rs. 2700000/- and the total value of the flat is Rs.4700000/-. I need assistance for filling the returns. How much tax will my father has to pay? Can he avail any exemption on tax?
If you can provide me your contact no. I can get in touch with you and can explain you the whole matter in details.
Thanks
Regards,
Pankaj Patil
27 August 2012
Mob. No. 9850350854
will be entitle for exemption u/s.54F subject to fulfillment of conditions.
will be entitle for exemption u/s.54F subject to fulfillment of conditions.
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