capital gain

my father purchase a land on 1984, @56000/- he sold the property on [email protected]/- , and on 31-03-2013 he invest the entire amount plus 10000, that is rs. 19,10,000/- in rec 54ec bond. now my question is : is there any tax liabilities in the hands of my father ? his age is 64 yrs, he has only rental income rs. 100000/-p.a , and another question is it compulsory to submit income tax return for this year ? as his income not exceeds taxable limits so he does not file incometax return since 2000. please advice

asked Aug 17 '13 at 23:44 by biswajitsaha 1112


As whole sale consideration amount has been reinvested into capital gain bonds, there would not be any income tax payable.

It would be mandatory to file income tax returns as capital gains have been earned. He would claim exemption u/s 54EC in ITR.

answered Aug 18 '13 at 13:14 by Pankaj Batra 5.2k320

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Asked: Aug 17 '13 at 23:44

Seen: 1,614 times

Last updated: Aug 18 '13 at 13:14