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m.kameswaran (student)     26 November 2015

Wealth tax

 sir/s 

my uncle is about to sell a property(20 years old) worth of  Rs.1,00,00,000.  He plans to construct  a house out of such sale proceeds.He has spent some lakhs for his heart surgery(he has all hospital bills) and  backbone surgery ,surgery in leg ,done(he has all hospital bills)  for his wife  and marriage expenses for his son and daughter.  he got rs.20,00,000/(twenty lakhs) as hand loan from various  close relatives (without any promisory notes)for all these expenses.Has he to pay any tax for such sum if he sells? is there any income tax problem in future? all these are deductable amount  from sale proceeds please advise.



Learning

 2 Replies

ABHIMANYU JHAMBA (PROPRIETOR)     02 December 2015

Yes, there would be capital gains tax liability. These sumes are not deductible while computing capital gains liability. However, he can avail if deductions if he plans to reinvest .

 

Abhimanyu 

9218999999

amit gupta (Taxation Software Development )     04 December 2015

Yes, your uncle’s assets has crossed the limit of wealth tax. If you have wealth more than 30 lakh then you have to pay a tax of 1% on it. 

 


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