My Mother sold the house plots in the Village (GramaKantam in Andhra pradesh) and she got almost RS 50 lacks and she deposited in the Bank on May 2016 . This money is deposited 25 Laks on my Father and 25 laks on my Mother name. Later in Aug 2016, 34 laks was taken out from these accounts and brought Agriculture land on my Name. so right now remaining they have FD on their names(Father 10 laks and mother 5 laks). Do we need to pay tax for this 50 lacks.
Please kindly advise.
2 Answers
Hi,
May I know;
- If this Rs 50 Lakh is the Registered sale value of the transactions?
- Was the property jointly owned by your parents (or) only by your mother?
- Do you have any other source of income? (or) only agricultural income?
1. 40 Lakh is the Registered Sale Value of the Transactions.
2. The Property is on my Granfather Name(My Mother Father name but he was expired 2003).
3. I am working in Malaysia and I have agriculture income in India.
Hi,
1 - Capital Gain tax is applicable on Rs 40 Lakh as on May 2016.
2 - Rs 25 Lakh given to your father & agri land in your name can be considered as a Gifts.
3 - Interest income on FDs can be subject to taxes.
Kindly read:
http://www.relakhs.com/how-to-save-capital-gains-tax-on-sale-of-land-house-property/
http://www.relakhs.com/agricultural-income-land-tax-treatment/
http://www.relakhs.com/gift-income-tax-rules-detailed-guide/
Thank you Sreekanth. I really appreciate your help and great support.
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