Hi Sir,
My father is 67 years old. in 2014-15 he sold his ancestral property and deposited rupees 10,00,000 in a savings bank account. Recenl;y a letter has come from income tax department to file the compliance. What should I do?
Akash Rajeev 22 July 2022
Hi Sir,
My father is 67 years old. in 2014-15 he sold his ancestral property and deposited rupees 10,00,000 in a savings bank account. Recenl;y a letter has come from income tax department to file the compliance. What should I do?
Dr J C Vashista (Advocate) 22 July 2022
He is liable to pay income tax on capital gains.
Contact area ITO / local tax consultant /CA.
Rama chary Rachakonda (Secunderabad/Telangana state Highcourt practice watsapp no.9989324294 ) 22 July 2022
Calculate capital gain as per index and reply.
Subtract your basis (what you paid) from the realized amount (how much you sold it for) to determine the difference.
Shashi Dhara 22 July 2022
If it is agricultural land not in urban limit then IT is exempted ,u have not said whether your father is alive or not ,consult auditor and proceed .
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