TAX LIABILITY

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  1. A.K.BANERJEE

    A.K.BANERJEE New Member

    I HAVE THE FOLLOWING QUERRIES REGARDING IT RULES FOR SR CITIZENS

    IS SAVINGS BANK INTEREST EXEMPT FROM TAX FOR SC /ANY CAP

    WHAT WILL BE THE CAPITAL GAIN TAX ON SALE PROCEEDS OF INHERITED PROPERTY JOINTLY HELD WITH BROTHER AND SISTER
     
  2. ZED

    ZED Well-Known Member

    Deduction is available u/s 80TTA to the extent of Rs.10,000.
    [Note its only in respect of saving account and not in respect of interest on term deposit.]


    You will need to provide full details. I would rather recommend that a proper consultancy be taken in this case from some CA or other tax professional.
    The amount involved is usually very high. further,cap gain matters should be dealt with assistance of someone having sound knowledge of this topic.
    Basically the cost of acquisition in hand of the children is considered as cost of acquisition to the previous owner (in their respective ratio,)


    You may also contact me through mail
    [email protected]
     
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