tax question - ancestral land sale in india

Discussion in 'Money Matters' started by learner000, Feb 16, 2015.

  1. learner000

    learner000 New IL'ite

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    hello,
    we are NRIs settled in dubai..we had some ancestral land bought by my dad in banglore that we just sold for 40 lakhs..it was a grama natham land and so the buyer paid everything incash..we wanted to invest it in the name of our mother as dad is no more..please let us know what sort of a tax liability do we have on this and will there be any issue if we deposit this full cash in bank account ..is there any tax exemption for women and senior citizens in this case..
     
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  2. Shanvy

    Shanvy IL Hall of Fame

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    talking to a finance person helps in this case. the rate at which the base indices will be arrived at and the current market rate determine the capital gains..but since this is a grama natham not sure how it works..i know banks do not give loans for this type of lands hence the whole portion in cash.

    a practising chartered accountant can help you better.
     

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