any tax to be paid
Shilpa Rani
(Querist) 05 December 2008
This query is : Resolved
I want to sell my grand father property gifted to me by my father.
It is an agricultural land of 5 acres.each acre market price is 5 lakhs...dont know whats the government price for that.
My queries are:
1.if i sell that agricultural land and take cash from that buyer...shall i need to pay any tax to government ....coz i want to fixed deposit that amount in bank.
2.what is capital gain tax...is that applicable to my case
3.my land is 5 acres and each acre is 5 laks ..means total 5x5=25 lacs ...buyer is telling that he will give 10 lacs on DD and rest as cash (black money)....is it ok to accept like that...if so how to manage that money from tax eviction...please guide
Vinjamuri Venkata Rao
(Expert) 06 December 2008
1. you need not pay any tax on selling agriculture land.
2. No capital gain Tax , as it is a gift obtained by you from your father.
3.you may receive the total amount in cash or DD as public money to enable you to deposit in Bank, if you receive 10 laks as DD and remaining cash with out menction in sale deed it is a black money.
it is an offence. pl dont entertain such things, which is an offence. pl note you will in problum in future.
further details 9866550610
G. ARAVINTHAN
(Expert) 06 December 2008
I agree with Vinjamuri
but
1. No tax payable
2. Gift can be an asset not entitle for tax
3. You can not register lower than guideline value
