Tax on sale of house

B SHANKAR LAL (Querist) 14 July 2015 This query is : Open
I AM A GOVT EMPLOYEE AND TDS IS BEING DONE BY MY OFFICE AND FORM 16 IS BEING ISSUED. PRESENTLY I AM IN 10% TAX BRACKET. MY QUESTION PERTAINS TO SALE OF MY HOUSE. I AM PROPOSING TO SELL MY HOUSE FOR RS. 10 LAKHS. THIS HOUSE WAS PURCHASED FOR RS. 6 LAKHS IN 2010 AND NOW I AM SELLING IT FOR RS. 10 LAKHS IN 2015. I WANT TO KNOW THE FOLLOWING.

1) CAN I DEPOSIT THE CASH WHICH I RECEIVED IN MY SB ACCOUNT
2) WILL I HAVE TO PAY INCOME TAX FOR THE 10 LAKHS
3) I INTEND TO PUT THIS AMOUNT AS FIXED DEPOSIT IN THE NAME OF MY TWO CHILDREN. WILL IT BE POSSIBLE

PLEASE GUIDE ME ON THE CORRECT PROCEDURE TO BE FOLLOWED. THANKS...

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