Tax liabiliy: parental property

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

19 February 2012 Kindly advise on the following;

Parental property acquired by father some time in 1972-73.
Said property was sold & 1/8 share i.e Rs.1.75 lac received by one of the heirs.

Kindly advise tax liability on Rs.1.75 during 2011-12.

CA. Hari Kishan

CA. Hari Kishan (Expert)
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20 February 2012 The fair value of the property shall be taken as on 1981-82. The same shall be indexed to find out the current indexed cost. The excess of the sale consideration over the indexed cost shall be treated as LONG term capital gains which shall be taxable should you not reinvest the same into specific investment channels..