Property

Querist : Anonymous (Querist) 31 May 2011 This query is : Resolved
My friend's father have property in his name received from his father and also FD's amounting 1 Lacs. Now after his death as a nominee FD transfered to her mothers account. & also she sold property at 10 Lacs. Now how her income should calculate on property sold & FD transfered. Her mother is also senior citizen. The property now sold in May 2011 is also 70-80 years old.

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M.Sheik Mohammed Ali (Expert) 31 May 2011
you can't do any thing almost 80'years old.

Querist : Anonymous (Querist) 31 May 2011
I don't understand what you wan't to say. I want to know the tax on sale of property of 70-80 years old. Now sold by nominee.

MUKESH SHARMA (Expert) 06 June 2011
market value for the year 1981 will be cost of acquisition , after indexing total capital gain will be calculated ,you can claim exemption u/s 54 of income tax act. income from interest will be taxed as income from other sources. 2.40 lacs exemption is applicable for income from five heads, capital gain will be consider separately

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