Incometax

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

23 November 2012 dear all,
my father hold a property(rural agriculture land)received from grandfather in inheritance.we are four brother.he want to sale it. please tell me tax consequence in my father hand if he sale the property,and also tell me if my father distribute such amount in us......
than is it taxable in our hand.

thanks.

Pankaj Gupta

Pankaj Gupta (Expert)
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23 November 2012 If the land is rural agriculture land then no capital gain shall arise in your father's hand. It will be tax free. Also he can distribute the amount to you all as gift. But the income earned by you from such money will not be taxable in your hands, rather it will be clubbed and taxed in your father's hand.