is it necessory to pay incometax for my grandfathers property?

Question

this is related with the income tax related question . i disposed the property of my grand father

Answer 1

Yes. You have to pay capital gains on the it. Better consult a CA and plan.

If the property value is very much less like 2 to 3 lakhs, you can forget it. But if the value is more, it is always better to file returns and pay the tax.

If you avoid to pay tax on it, there is some amount of risk.

(ner)

Answer 2

Yes and No.
No,if your grand father is still alive and property is still in his name, tax shall be lived on him.

Yes ,If you are the owner of your grand father's property -either after his demise or he bequeathed you or he gave you in gift-, you will have to compute the Capital Gain in following manner

If the property was purchased before tear 1984 , market value as on 1/4/1984 should be indexed till the year in which it was sold. This should be deducted from the SALE value to get the Long Term Capital Gain . You will have pay 20% of tax on that.

If the property was purchased after 1984, the cost of the property incurred by your grand father should be indexed and that value should be decreased from SALE value to get the Long Term Capital gain.Pay 20% of the tax .

However, there are schemes by which you can get the Capital Gain exempt from taxation.

Answer 3

income tax is a tax being levied on income.since you say the property has been disposed off there would have been receipt of amount which is called income.Absolutetly this income is eligible to income tax,but it depends upon time frame,value of amount involved,nature of property disposed,nature of disposal such as transfer of deed,gift settlement,will ordirect sales etcSo please contact the auditor along with all documents to ascertain the extent of income tax payable and pay earnestly withinthe stipulated time.For easy approach login Indiatimes.com and get the legal help from legal pundits.Best of luck.

Answer 4

hi from your question its not clear wheather uve acquired the property rights rather have u got it through transmission and have u sold it in your name.... if yes then the capital gain has to be calculated and certain excemptions can be claimed if ur investing the proceeds in other assets within 2 yrs after and one yr previous of thesale ....... how ever if ur grndfather is alive and uve not inheritted the property then u need not pay tax on ur name and jus calculate the capital gain in his name .....

Answer 5

If a profit was made, yes.

Answer 6

oh yea