Capital Gains Tax Query

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  1. sundarrajan

    sundarrajan New Member

    My dad is not an income tax assessee. He had invested a small sum in a land parcel in 2001 within the city limits of a metro city. What is the tax implication of any gains given he continues to be a non income tax assessee and is dependent on me. The proceeds will come to me in a joint account and I am a salaried employee with other income and own one residential house with rental income.
     
  2. Raman Batra

    Raman Batra New Member

    If the land is in your father's name - capital gains tax would be levied in the hands of your father at the time of sale.

    However, if the capital gains tax is less than 2.5 Lakh - you are neither mandatorily required to file income tax return nor mandatorily required to apply for PAN Card.
     
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