on the sale of 2 vacant plots for Rs.115 Lacs and after taking in to account the indexed cost of acquisition my Capital Gain works out to Rs.72 Lacs for the F.y.10-11. I have no house and buying a new flat for Rs 75 lacs in the F.Y.10-11.I would like to know my C.G.Tax liability and the amount to be invested in Bonds to avoid the C.G.Tax.
My father died in Thanjavur in Tamilnadu in 1990 and death certificate was issued by Thanjavur municipality.After retiring from central Govt. service I have settled in Trchy.My mother is alive and is living in Trichy with me and her name is in my ration card.Now to sell our property in Thanjavur which is in the name of my father we need legal heir certificate.After the death of my father my mother left Thanjavr to live with her sons. My question is whom to approach ? Thasildar of Tichy or Thanjavur?.
My son bought a plot for 50 lakhs in 2007. Now he is selling it for 90 lakhs.out of 90 lakhs he will get 20 lakhs in March,10 as advance and pay to the bank to fore close the loan taken to buy the plot (to get the plot documents for rggeistration in April,10).The remaining 70 lakfs he has to pay to a builder in May,10 for t the flat he has booked.He has not availed any tax concession for the loan taken to buy the plot.Kindly clarify his income tax and LTCG liabilty for FY 09-10 for the 90 lakhs .
My father died in 1991 with out a Will for his self earned house property situated in Thanjavur in Tamilnadu.My mother, 7 brothers and 4 sisters who are alive are the legal heirs and there is no dispute among us in selling and sharing.We have not got legal heir certificate. A party well known to us is prepared to buy it with out legal heir certificate.Can all of us give a NOC in the form of an affidavit to my mother to execute the sale deed or is it necessary that all the legal heirs to be present at the time of registration?