Question ID : 2162

Tax implication on amount received from the government on sale of land to government (land at shamshabad occupied by by government for airport purpose)

Dear Colleagues,

Case: X aged about 80yrs owned nd at shamshabad given by the government free of cost as a freedom fighter. the year F.Y 2005-2006, govt. tookover the nd for airport purpose and gave a conration of about Rs.20 cs for the same. What would be the tax implication his hands?

Also X would like to give same amount to his grandson for startg,openg a petrol bunk, Can he do so ?
What would be the implication and precautions to be taken while givg the amount and the mode of transfer of amount to his grandson?
Waitg eagerly for ur valuable reply.
vijaya '

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