Income tax on land property

Hi, The Registrar of properties will have to report purchase & sale of all immovable property exceeding Rs 30 Lakh to the Income Tax authorities. So, in your case this transaction might not be reported to the IT dept. May I know the source of income for funding this transaction? You, can consider this property as a GIFT and it is tax exempt for you. Read: http://www.relakhs.com/gift-income-tax-rules-detailed-guide/

sir, Thank you for your prompt reply. Sir, my father broke his fixed deposit to purchase this land. But I also want to know will my father face any tax consequence for this? should my father show anything for his own it return for the financial year 2016-17 (assessment year 17-18) against it? sir my 2nd question is that if I will sell this property how stcg or ltcg tax will be levied ? What should I do that time in terms of tax return (my annual salary with pf is Rs. 246927)?

Hi, I assume that source of income for FD is from his past savings (or salary income).  He has to file ITR if his income is in taxable limits but not just based on this transaction. Read: http://www.relakhs.com/income-tax-slab-rates-for-fy-2016-17-ay-2017-18/ Regarding LTCG & STCG kindly read below article; http://www.relakhs.com/how-to-save-capital-gains-tax-on-sale-of-land-house-property/

Sir, Thank you so much for your valuable guidance. Additionally I want to know 1) can my father get deduction U/s 80 DD & 80 DDB simultaneously because my mother is a cancer patient with physically 40% disability? 2) interest on SCSS is taxable income or not? 3) my father had invested in uti mis advantage plan of Rs. 400000 on April,2016 and now he is getting a monthly return against that investment , is this income taxable or not? if yes, then is it taxable income for every time until he break the investment?

Hi, 1 - I believe that Section 80DD is for dependents. He may claim tax deduction u/s 80DDB. Read: http://www.relakhs.com/income-tax-deductions-fy-2016-17-ay-2017-18-tax-exemptions-benefits-rebates/ 2 - Interest from SCSS is taxable. 3 - uti mis advantage plan is a Debt-oriented conservative fund. Mostly you father might have opted for 'Dividend' option (ie monthly income option). The dividend income received by a debt fund unit holder is also tax free. But, the mutual fund company has to pay a dividend distribution tax (DDT)before distributing this dividend income to its Unit-holders. DDT on Debt Mutual Funds is 28.84%. http://www.relakhs.com/mutual-funds-taxation-rules-capital-gains-tax-rates-on-mfs-fy-201516/ http://www.relakhs.com/debt-funds-types-benefits-risk-vs-return/