Suhash Guha (ASSISTANT DIRECTOR) 19 July 2013
My father sold his ancestral property in april 2012. But his uncle has filed a case in may 2012 claimimg ownership of a part of land on which the property is built. The case is pending. Meanwhile Income tax department has sent a letter claiming Long Term Capital Gain Tax. Is tax payable on such sale ?
R RAJAGOPALAN (ADVOCATE) 26 July 2013
You may represent before the Assessing Officer that the sale is under challenge in thecourt, and therefore its validity is subject to the Court's decision, wherefore as at present no capital gains have arisen.
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