My mother owns a plot bought about 12yrs back now valued around 9lacs. We are planning to sell it now and use those funds to get our house registered. Would like to know the implications of cash transaction and also what are the taxes to be paid? Is there any way to avoid paying these taxes as I can't afford to pay them? Will we have to pay Income tax, LTCG, etc on the sale? Please advise.
1 Answers
Hi,
In whose name the new property going to get registered?
May I know what do you mean by 'cash transactions' here?
As the property has been held for more than 2 years, taxes on Long term capital gains are applicable on sale of land.
Kindly read :
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