I have a below query in sale of land (LTCG)
Mr. A has a property inherited in the name of his minor son from her mother. Out of total 4500 sq ft a part of property is sold say 1500sq ft and Mr A had approached court for this since the property is inherited in the name of his son and he his with disability and has no other source of income.
The court permits the sale considering the plea that the income will be used for the sons welfare and education and directs the consideration out of sale to be deposited in FD and interest thereon must be used and the FD amount should remain untouched.
The value purchased was on 1974
Now my question is whether it attracts capital gains.
Can you elaborate how it should be worked out for filing returns
CAclubindia
