property tax

This query is : Resolved

lokeshsood (Querist)
Follow

05 January 2009 My grandmother had aquired a built up property in 1965 worth Rs. 10,000/- only but she was a housewife at that time & payment was made by my grandfather. Now, the same property has been sold in the month of Jan. 2006 for Rs. 64 Lacs (all through cheque). Due to some family dispute, I had to file a civil suite against my grand mother claiming my share which was compromised in lok adalat at a consideration of Rs. 30 Lacs which grandmother had to give to me to withdraw the suit.30 Lacs were recd in a joint a/c of me and grandmother which I withdraw to buy self assets. I just want to know If money given to me i.e. 30 Lacs taxable for me or not?

K V Subba Rao

K V Subba Rao (Expert)
Follow

05 January 2009 I feel it is Exempt. Please visit http://sify.com/finance/tax/fullstory.php?id=14553159

However, if it is a live case, I suggest you consult a local practising CA since the amount involved is substantial.

lokeshsood

lokeshsood (Querist)
Follow

05 January 2009 Dear Sir,

Please guide if Case compromised in Lok Adalat can be considered as Gift? (since it was compromised)

Upgrade to CAclubindia Pro. Subscribe Now!

K V Subba Rao

K V Subba Rao (Expert)
Follow

06 January 2009 I don't think it makes any difference and there is no taxability.