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T S Khurana |538 Answers |Ask -Follow

Tax Expert - Answered on Jun 07, 2025

A certified management accountant since 1993, T S Khurana is a fellow member of The Institute of Cost Accountants of India. His areas of expertise are income tax, specifically litigation cases, and GST.

Since the last 21 years, he has also been providing expert advice on financial matters, including investments and diversification of funds, and wealth building in the long term to his clients.
He believes that investment in real estate is the safest way for better returns and wealth generation over a period of time.

A former chairman of the Chandigarh Chapter of Institute of Cost Accountants of India, T S Khurana has also served as member of its technical committee.... more

Asked by Anonymous - Jun 06, 2025

Money

We got her father's property amount 20Lakhs and we purchased land in that amount for that amount we should pay tax

Ans: Your Question needs more details to be replied specifically. However, please note the following points :
01. If you have received an amount of Rs.20.00 (L) from your wife's parents (may be in cash or through banking channels), it is a Gift to you or to your wife from her parents, hence not Taxable.
02. If the property is first transferred to your wife & she sells the same, it would be subject to Long/Short Term Capital Gain.
03. If it is LTCG, you may claim exemption u/s 54, provided you purchase or construct a house, with in one year before or three years (for constructed & two years for purchased) after the sale of property.
04. You should construct a residential house on the land/plot you have purchased, with in specified time limits to get the exemption.
Most welcome for any further clarifications. Thanks.

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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Hello sir My mother selling a plot (residential land) and going to get amount of 40 laks, she wish to give that money to me (son) . She is a housewife mean not a income tax payer. 1.Did she need to pay tax. If so how much? 2. And if she given to me after paying tax should i also need to pay income tax.

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My wife received rs 30 lak from her brother efter the sale of a property in June 2024 . How much income tax she has to pay.

Ans: 01. Please clarify, whether the sold property was in favour of your wife ?
02. If not, then it is not your wife's income. Her brother is liable to pay tax on the sold property. This amount shall not be taxable for your wife.
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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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