Tax Liability on Ancestral Property Sale

Share
Share This Thread
  1. barunmahipal

    barunmahipal New Member

    Hello,

    I sold an ancestral property in Jan 2016 and invested the entire amount in eligible bond after March 2016. My questions are:
    1) Since i invested after the end of FY, will I be liable to pay tax on the capital gain
    2) How will I calculate capital gain tax amount as for me the purchase price was nil.
    3) How will I show the bank balance if that property was reflecting at zero cost on my balance sheet.

    Thanks,
    Barun
     
  2. Karan Batra

    Karan Batra Well-Known Member

    1. As you have reinvested the amount before filing the income tax return and within the specified time - therefore you are not required to pay any income tax in this case.
    2. The cost at which your ancestors purchased the property would be considered as your Cost of Acquisition
    3. Please re-explain the 3rd question?
     
Draft saved Draft deleted
Loading...
Similar Threads Forum Date
Assets & Liability for ITR Income Tax Friday at 12:16 PM
Tax liability of Son posted abroad for employment Income Tax Nov 19, 2017
Asset & Liability Schedule Income Tax Jul 3, 2017
Tax liability Income Tax Jun 15, 2017
tax liability on interest in NRE fixed deposits, after the depositor become resident Income Tax Mar 31, 2017