LTCG on Ancestral property

POSTED BY sundeep vaijnath contractor ON December 4, 2012 12:21 am ONE COMMENT

I have received sale proceeds from ancestral property sale in my savings account .Now only POA and Development agreement registerd by Builder.  The deed of sale will be registerd in 2014 with A Hsg society formed after the property is developed and sold to members and society is  formed. whether i am liable for LTCG now or when? secondly I dont want to pay tax but invest in bonds. I have wife and two major children with PAN Cards . Whether HUF creation will help or No.

Till 6 months Before investing in LTCG bonds I want to take some interest. But then this interest will attract tax in my IT return as I am salaried employee in 20% bracket . My wife and daughter are not earning. whereas son is earning in 10% bracket.

Can i till 5 months invest in FDs in wife and daughter name and take interest. Please provide full guidance. Only tax related people may reply.

One reply on this article “LTCG on Ancestral property”

  1. Dear sundeep, may I know the LTCG amount?

    Thanks

    Ashal

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