• 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 7 years ago in Property Law
Religion: Hindu

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2 Answers

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
94522 Answers
7485 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
94522 Answers
7485 Consultations

5.0 on 5.0

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