Income Tax for Property Sell

POSTED BY Koras Mukherjee ON November 27, 2012 10:49 am ONE COMMENT

My mother was gifted a land in late 1980s by her father – but it was directly bought in my mother’s name and the registered deed shows my mother as the legal buyer. A house was also build on the same land in 1990. Now, she wants to sell it – both the house and land! In this case, what would be the income tax applicable to her? She is a home-maker, so although she posses a PAN card but has no income.

Also, if you can advise any way to reduce the tax burden.

One reply on this article “Income Tax for Property Sell”

  1. Income has no role to play here , if she sells the land + house , she will get some money , that would be selling price and whatever was the buying price or the cost of construction will become the PURCHASE price , now she has to calculate the Capital gains out of this , which is explained in this article

    The best thing she can do to save is

    Option 1 – Invest the Capital Gains in some other residential project

    Option 2 – Invest the capital gains money in NHAI or REC bonds (Sec 54E)


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