Tax treatment - please help
This query is : Resolved
20 October 2012
Mr. X has received Rs. 15 Lakhs as Settlement amount from his Cousin Brother against the Land Dispute which is still pending in the Court. Out of Rs. 15 Lakhs, Rs. 5 Lakhs are to be given to his Sister and Rs. 5 Lakhs are to be given to his Mother. In such a situation what shall be the Tax Treatment?
Regards,
Devendra Kulkarni
Regards,
Devendra Kulkarni
Soumitra Basu
(Expert)
21 October 2012
Mr. X shall have to pay capital gain tax on Rs. 5.00 Lacs subject to other conditions.
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