POSTED BY November 27, 2012 10:49 am ONE COMMENTON
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.