Dear Sreekanth
Recently my father sold land and received lumpsum money ( around 1 cr ) . Land is inherited from his sister . Since he is not able find good investment option , he is thinking of using banks FD to keep money for 3 years time period.
My question is
- Is the money received from land sale is taxable ?
- Is the money can invest in FD ?
1 Answers
Dear Brahma,
1 - Yes, the capital gains made on sale of inherited property is a taxable income to your Father.
2 - Yes, he can invest, but do note that the interest income on FDs is again a taxable income.
Suggest you to kindly go through below articles and revert to me if you have more queries;
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