Sale of old house

suryakant n joshi (Querist) 31 January 2014 This query is : Resolved
i got a old house in 2008 in my name as an heridiatery/ancestral property from my parents.i sold this property in jan 2014 for Rs.80,000/-property is situated at taluka place in maharastra offical valuation written on sale deed is Rs2,50,000/-
pl advice in detail what is my tax liability and other things.where to invest moneyfor tax exemptions

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Isaac Gabriel (Expert) 31 January 2014
The Experts at the CA club will be able to fetch you right answer.

R.K Nanda (Expert) 31 January 2014
consult tax lawyer.

Rajendra K Goyal (Expert) 31 January 2014
It seems the property was sold much below the circle rate. I doubt there would be any tax liability in the given situation.

However contact a tax adviser and show him all the documents.

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