Shall i need to pay any tax....

Shilpa Rani (Querist) 02 January 2009 This query is : Resolved
Hi

We are 3 siblings .Recently we sold our Grandfather property which has 4 shares and i took my share from that sold money.
I was paid my share by D.D.I deposited that money in my saving's bank account...
now my query is ...do i need to pay any tax like capital gain tax etc for the amount i got...the property sold is agricultural land...if i have to pay tax ...what taxes are applicable in this case...please advice

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Hiralal Das (Expert) 02 January 2009
Is that property in India? Mention the name of the country, Date of purchase of that property,i.e., require detail. If it is use as agricultural land then Agricultural tax along with Income Tax will applicable in this case.
If you think you can contact +919432221259 for your proper assistance.

Shilpa Rani (Querist) 03 January 2009
Yes sir , the property is in INDIA...dont know date of purchase but sold in 2007.

Guest (Expert) 03 January 2009
YES You have to pay the tax, under the heading of capital gain

Prashant Kumar Jha (Expert) 03 January 2009
you will have to pay the taxes against capital gain

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