• Declare Income Tax

My father Doesn't have a Form 16 and neither he has any source of income from Last 10 years. However He sold one of his Old plots for INR 15 lakhs recently and has received the money through cheque in his bank account. Also, he is now purchasing another property with that amount within this year.

I wanted to check the following-

1. Does he need to declare the 15 Lakh received against the property.

2. If yes, then how can he do it without form 16?
Asked 1 year ago in Property Law from New Delhi, Delhi
Religion: Hindu
1) your father has to declare Rs 15 lakhs received from sale of property 

2) in order to avoid long term capital gains  tax your father must purchase new house within period of 2 years or construct house within period of 3 years after date of transfer 

3) your father should consult a local CA in this regard 
Ajay Sethi
Advocate, Mumbai
44306 Answers
2572 Consultations

5.0 on 5.0

your father can declare his undisclosed income under the income declaration scheme

2) Declaration can be made in respect of—
?any undisclosed income
?investment in any asset representing
undisclosed income
relating to any financial year upto 2015-16

3) Where undisclosed income invested in any
asset is declared under the Scheme & tax,
surcharge and penalty are duly paid on its fair
market value as on 01.06.2016 then, any
capital gains arising upon its sale in future
will be computed by adopting such fair market
value as on 01.06.2016 as the cost of
acquisition and the period of holding shall
also start from that date
Ajay Sethi
Advocate, Mumbai
44306 Answers
2572 Consultations

5.0 on 5.0

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