anil kumar aggarwal (officer) 21 July 2011
my mother has sold some ancestral agriculture land. Now she intend to buy some residential property from the sale proceeds in jointly with my wife.
1. Kindly let me know whether purchase of property in joint names will attract tax. If so, how much tax will have to be paid.
2. Can my mother gift sale proceed to my wife. If so, how much tax will have to be paid.
3. How to save maximum tax in the ambit of law.
Ca Atul (Partner ) 22 July 2011
1) Please let me know as to where the agricultural land is situated? Is it beyound 8-10 Km away from the municiple limits of the city?
2) Tou can purchase the new residential house property in joint name, preferably the first name should be of your mother
3) Subject to query 1, if your mother after paying the taxes gifts the amount to your wife, then there is no taxation in my opinion in the hand of you wife. However any interest received on such amount thereafter would be taxable in the hand of your wife.
Bhavesh Desai (Sales Manager) 25 February 2012
Dear Mr.Atul,
We want to sell an agriculture land. There is no mumcipal limits near 8 KM from land to be sold.
Who will certify that my land is not located within 8KM form nearest Muncipal limit?
If no capital gains is applicable,do i need to inform IT department about sell and non applicability of capital gain tax?
Thanking you in advance.
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