Upgrad LLM

regarding ltcg tax against open land sale


Hey My Self Nishikant

I want to clarify one problem which I have come across 2days back. I had sold one inherited land in 2015 for my daughter marriage and money was devided in two people me and my nephew. I utlised all money for marriage as I was not aware about the tax clause. Now I have received the notice from IT departement claiming the tax of 8 lacs Rs which I am not able to pay. 

Is there any clause or way where I can claim rebate as I have utilsied the fund for anyother purpose except the marriage. My Nephew has also rcvd the same notice but he had sorted out with some lawyer and not telling me.

 

Kindly help

 

 
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Advocate

1. There is no escape.

2. Since it was you who inherited the property, and it was you who sold the property, you are liable to pay the tax and not your Nephew, unless your nephew was also the owner of the property.

3. Whether you are liable to pay Rs. 8 lakhs as tax or not will depend upon (i) as to in which year was the property purchased (ii) what was the price at which it was purchased (iii) what was the stamp duty amount paid at the time of purchase.

4. What was the price for which the property was sold (as shown in the Sale Deed)?

5. Based on the information that you may provide in regard to point (3) and (4) above, one will be in a position to indicate to you as to how much tax is payable.

 

 

 

 
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Is there any penalty involved as Its being two years

 
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