Value for income tax of inerited land property sales

Value for income tax of inerited land property sales

How much you charge us for simple explanation of indexing the following land sale LTCG Tax?

(A) Indexing CG of land sold - by RESIDENT Indian.

Land (a) bought 1967 by our parents in Mothers name; (b) Mother wrote her will on the land in 1996, (c) Mother demised 2009, (d) As per the will land partitioned in 2012, (e) Land sold in 2021.
How to index the CGains? Is it index of 100/2021 index? (No index for 1967, we can use 2001 index of 100. Right?).

Or is it Index of 2009 (Year of demise of parent from whom we inherited the land to us) /Index of 2021?
Or any other index of (Years a, b, c, d, Divided by land sale year e)?

(B) Due date for paying LTCGTax on land sold.

(1) What are due date(s) for paying LTCG Tax on land sold on 14-December-2021?

(2) And can we pay in instalments?

(3) What are Penalties or interest payable for delayed land sale LTCG Tax payment

Awaiting your quotation for very clear specific replies to (A & B) above - all by RESIDENT IN INDIA.

Thanks. [deleted]
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Asked 3 years ago in Capital Gains Tax

What are penalty or interest for delayed payment of this LTCGTax?

What is number of India ITax Challan for payment of this LTCGTax?

Asked 3 years ago

What is number of India ITax Challan for payment of this LTCGTax?

Asked 3 years ago

A) In case of transfer of assets by way of will, period of holding and cost of acquisition in the hands of previous owner is considered. In your case, your mother is a previous owner therefore cost of land in her hands will be considered. As the property was purchased by your mother before 01.04.2001 therefore cost or FMV (i.e. stamp duty value) whichever is higher is considered. Capital gain will be caculated in the hands of each person as per the share mentioned in the will.

1) 15.12.2021 & 31.03.2022

2) Yes

3) Only interest@1% per month will be levied

C) Challan No. 280. Select AY 2022-23 and code 100 for payment of advance tax.

Vivek Kumar Arora

CA, Delhi

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A. The base index to be used would be 100. Index for current year is 317. So, it would be value as on 2001 * 3.17.

B. If property is sold on 14th dec, pay 75% of taxes due by 15th dec and remaining 25% by 15 march.

Interest of 1% per month is applicable on tax amount for delayed payments.

Use challan 280 - advance tax for payment of taxes.

Lakshita Bhandari

CA, Mumbai

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Talk to Lakshita Bhandari

- You can either get it either through housing development authority website or local government approved valuer.

Vivek Kumar Arora

CA, Delhi

4951 Answers

1105 Consultations

Talk to Vivek Kumar Arora

Can one deduce (nearly 10 lakhs) as cost of improvement and upkeep from LTCGains the payment to a brother who alone stayed and took care of the inherited family property in last 29 years? Total price realised on the inherited property sale is 38 lakhs.
In other words:-
" is cost of 29 years upkeep and improvements (paid on sale of land) on sale of inherited property deducible from LTCGains (as is the case with buildings? "
Thanks

Asked 3 years ago

- Transaction should be at arm length price and actually paid to the brother. It may be subject to litigation.

Vivek Kumar Arora

CA, Delhi

4951 Answers

1105 Consultations

Talk to Vivek Kumar Arora

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