Query on property tax

SUKHPAL SINGH (Querist) 04 August 2012 This query is : Resolved
Dear Sir,
My father has given me a amount on sale of plot purchased out of sale of property which in itself was purchased out of sale proceed of ancestral land. Please advise me on tax liability. With thanks.

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ajay sethi (Expert) 04 August 2012
when was property purchased? when was it sold? your chartered account will guide you of the tax paybale on sale of property .

SUKHPAL SINGH (Querist) 04 August 2012
Sir,
The ancestral land was sold 1998 and the part of proceeds were utilised to buy a plot in the same year. The plot was sold in 2008 for some profit. The sale proceeds were utilised to further purchase 3 plots. Now, my father has sold 01 plot to give me a share of ancestral inheritance in cash last F.Y. 2011-12. All dealings of this ancestral property were done by my father only.

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