How would be the proceeds from sale of inherited ancestral property taxed if it is sold within a year of inheritance? Can benefits of Section 54 Or Captial Gains Account scheme be availed?
And if the proceed are shared further with subequent heirs how would it be taxed?
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Tax computation on sale of inherited property
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"Can benefits of Section 54 Or Captial Gains Account scheme be availed?"
Yes. The period of holding is counted from the original purchase.
"And if the proceed are shared further with subequent heirs how would it be taxed?"
Capital gains shared amongst the legal heirs, and accordingly tax liability.
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