• Declare Income Tax

Hi
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 5 months 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
24881 Answers
1340 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
24881 Answers
1340 Consultations
5.0 on 5.0

Ask a Lawyer

Get legal answers from top-rated lawyers in 1 hour. It's quick, easy, and anonymous!
Ask a Lawyer

Property Lawyers

T Kalaiselvan
Advocate, Vellore
15366 Answers
142 Consultations
5.0 on 5.0
Ajay Sethi
Advocate, Mumbai
24881 Answers
1340 Consultations
5.0 on 5.0
Ashish Davessar
Advocate, Jaipur
18884 Answers
474 Consultations
5.0 on 5.0
Krishna Kishore Ganguly
Advocate, Kolkata
12737 Answers
264 Consultations
5.0 on 5.0
Devajyoti Barman
Advocate, Kolkata
5926 Answers
63 Consultations
4.9 on 5.0
Shivendra Pratap Singh
Advocate, Lucknow
2895 Answers
44 Consultations
4.9 on 5.0
Atulay Nehra
Advocate, Noida
528 Answers
18 Consultations
4.7 on 5.0
Rajgopalan Sripathi
Advocate, Hyderabad
916 Answers
55 Consultations
5.0 on 5.0
Ajay N S
Advocate, Ernakulam
1959 Answers
20 Consultations
5.0 on 5.0
Thresiamma G. Mathew
Advocate, Mumbai
1324 Answers
89 Consultations
5.0 on 5.0