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Taxibility on mothers property ancestral
my friend get 70 lakhs from sale of mother owned property in which get 35 lakhs share he get. now he want to purchase shop from this fund. what will be tax on 35 lakhs. shall it admissible to take the fund in HUF of friend ac or what will be taxibility on huf
Replies (6)
Tax is to be calculated based on capital gains arised after deducting indexed cost of aquisition & improvement from said sells contribution of 35 lakhs. so more data required.
No exemption available by investment in shop.
Agree with dhirajlal, and to continue if the person sold has no house i advise to use this amount of capital gain to invest in purchasing a house and you can start your HUF there....
there by you can save
there by you can save
Yes agree with you Mr Dhirajlal. It seems you have deep knowledge about this topic. 
thanks for valuable comments
HIS MOTHER PURCHASED IT IN 1977 FOR RS 5000/- THEN WHAT IS INDEX COST AND VALUE FOR CONSIDERATION AS ACQUISATION
Take valuation report from Registered Valuer, as on date of 1st April, 1981.
Cost of aquisition can be taken as any of the two, whichever higher, with base as of April, 1981.
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