This pertains to the Question asked by me on 13.02.2023. The Expert needed clarity on three aspects:- 1. Whether this was an agricultural land? Ans. Yes, it is an ancestral agricultural land, in village. 2. What is the distance of the land from the nearest municipality jurisdiction? Ans. The nearest municipality jurisdiction is the District Headquarter at a distance of around 30 KM. 3. What is the population of the place where the land is located? Ans The population is around 1500. Kindly guide on the original queries in light with the above points. How does my father declare the amount in his Income Tax Return and what sort of tax he needs to pay on the total amount received. What will be the tax liability for us brothers on the amount received from him. Whether all three of us (my father & we two brothers) are free to spend the amount as deemed fit OR are we required to invest it in a particular way only. What happens if the amount is transferred to both his Daughter In Laws (non tax payer). Any other suggestion. Regards Rajan

Hello Sunil ji, I am kedar & age 61, asking a question regarding the taxation on the amount of inheritance to my wife. After death my father in law (sasur ji) few years back, My mother in law (my sasu ma) had taken a decision regarding the agricultural land in their small town, which was purchased by the grandfather of my wife (father of my father in law) is develped and made it in the NA plots as per town planning scheme. these plots are now ready to sale. My sasu ma want to disribute the amont sold of these real estate plots., to her three married daughters including my wife. sir, here please guid us, regarding the amount recieved to my wife through her mother's house, is liable for any tax like capital gain or it will be treated as gift tax free amonut from mother's house as a stri-dhan (स्त्री-धन) and treated a tax free inheritance amont from her parants. kindly guide. thanks.

I have a query pertaining to treatment of the amount for Income Tax purposes. We have an ancestral land in our village. A portion of the said land has been acquired by Government for a new highway. Currently the land is in the name of my father (~68 years old), a pensioner. He is likely to receive compensation of around 75 lakhs. He intends to use around 25 lakhs for construction of go-down/ shops for commercial use at village while the balance amount he intends to transfer equally to both his sons (myself & my younger brother). How does my father declare the amount in his Income Tax Return and what sort of tax he needs to pay on the total amount received. What will be the tax liability for us brothers on the amount received from him. Whether all three of us (my father & we two brothers) are free to spend the amount as deemed fit OR are we required to invest it in a particular way only. What happens if the amount is transferred to both his Daughter In Laws (non tax payer). Any other suggestion

Plot of Land Ballia,UP. Purchase year-1990 in two instalments Purchase price-Rs 42,000 (35000+7000) Stamp Duty Valuation-Rs. 73,000(Rs.9000+Rs.64000) Advance taken in 2019 -Rs. 15 lakh without any documentation in joint SBI Bank Account of father and mother, both sr citizen father being first holder. Father expired in 2020. Sale to different person on August 11 2023 for Rs 20 lakh received in HDFC Bank joint account of mother and son,mother first holder . Rs. 15 lakh transferred through RTGS to the person who gave advance and Rs.3 lakh as interest claimed by him transferred through IMPS and Phone Pe to a different person whom the first person owed money, at the request of the creditor and debtor. Stamp Duty Valuation of Land in August 2023- 39 lakh. The total Yearly Income of the mother, sr citizen, is Rs. 12000 as pension (Rs. 1000 per month). She has not filed any previous ITR. Tax implication and tax planning for both buyer and seller and response to following specific queries- • In ITR, there are 3 rows. One is for sale consideration,2nd one is for stamp duty valuation and 3rd one which automatically takes higher of these two as sale consideration under section 50C. So here If I put actual sale consideration in both rows, will it amount to false declaration ? Consequences for this because if I give stamp value, then automatically IT system will pick up the higher stamp value and calculate tax accordingly. What to do then? • Who will bear the tax burden? First Account holder or 2nd Account Holder or both or any clubbing provision? • Sr. Citizen Mother has only Rs 1000(one thousand) per month family pension as income and does not file ITR. If she does not pay any tax at all, what are the chances of detailed scrutiny and consequences? • If mother happens to be assesse, does she need to pay any advance tax or file ITR? • How to get Fair Market Value (FMV) and circle rate of Land as on 01.04.2001 for calculating Indexed cost of Acquisition in 2023-24. • How to get FMV on date of agreement/date of sale? • If assesse declares certain FMV in ITR both on 01.04.2001 as well as on date of sale i.e. 11.08.2023, is supporting documentation required at any stage or mere declaration will suffice? Steps to be taken by IT in this regard? • What can be the maximum Tax Liability and maximum date of depositing this tax/ITR and steps to mitigate this tax liability/payment?