letmein
Herald
My uncle own a freehold plot in Greater Noida (part of Delhi-NCR). Being a senior citizen, with no dependents, he wants to sell it. What would be the tax implications in such a deal?
I want to know that in case he sells the plot for say, "Rs. 100" amount, he will have to pay a tax on the "100" amount (Long Term Capital Gains I guess.) But after he pays the tax on the 100 (let's say it's Rs. 10,) will he also have to pay personal income tax on the (100 - 10) = 90? Since he will have to declare the Rs. 90 as his income for the year?
Wouldn't this fall under double taxation?
Thanks for the help.
I want to know that in case he sells the plot for say, "Rs. 100" amount, he will have to pay a tax on the "100" amount (Long Term Capital Gains I guess.) But after he pays the tax on the 100 (let's say it's Rs. 10,) will he also have to pay personal income tax on the (100 - 10) = 90? Since he will have to declare the Rs. 90 as his income for the year?
Wouldn't this fall under double taxation?
Thanks for the help.