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bangalore2017 (Querist) 09 August 2017 This query is : Resolved
Sir, Actually my mother has brought a vacant land in Bangalore in 1995. All most 22 years land. Now we are trying to sell the land for Rs. 30,00,000/- to one of the party. My mother age is approx 55 - 60 years. The party is transferring the funds through RTGS to bank directly. Please inform whether we need to pay income tax. if my mother divides the property amount into 3 equal amount (son, daughter, parents) whether even we need to pay tax. tax. Also please inform how to exempt tax. We are very poor and trying to sell land for marriage of my 2 siblings. Please inform me.

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Rajendra K Goyal (Expert) 09 August 2017
Capital gains tax (Income Tax) has to be paid if no residential property is purchased in specified time from the proceeds of capital gains.

Please discuss in detail with local tax consultant.

Advocate Suneel Moudgil (Expert) 09 August 2017
agree with goyal ji, further you can purchase bonds to avoid tax but they have a lock in period of three years,

Advocate Suneel Moudgil (Expert) 09 August 2017
you should discuss a local lawyer having expertise in taxation matters

kavksatyanarayana (Expert) 09 August 2017
Agreed with the views of above experts. nothing to add.

Rajendra K Goyal (Expert) 16 September 2017
Repeated at:

http://www.lawyersclubindia.com/experts/Need-help-650731.asp

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