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Should my wife pay tax on selling land she bought for Rs.1.35 lakhs and sold for Rs.12 lakhs in 2002-2024?

Vivek Lala | Answer |Ask -Follow

Tax, MF Expert - Answered on Jul 23, 2024

Vivek Lala has been working as a tax planner since 2018. His expertise lies in making personalised tax budgets and tax forecasts for individuals. As a tax advisor, he takes pride in simplifying tax complications for his clients using simple, easy-to-understand language.
Lala cleared his chartered accountancy exam in 2018 and completed his articleship with Chaturvedi and Shah. ... more

Question by rmingle on Jul 16, 2024Hindi

Money

Hello, Shri Vivekji, my wife purchased plots worth Rs.135000 in August2002 and sold the same at a cost of Rs.1200000 in July2024. whether she will have to pay the income tax if any and how much, please suggest.

Ans: Yes , after indexation the tax will be 20%

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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