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Tax on sale of property
I got a property in my name inheritably (Residential house & Shop from my Grand father). If I sell these & want money, Am I need to pay any taxes?? Pls clarify on detail. Tq in advance.
Replies (1)
Yes. The difference of sale price and pur price will be taxed as capital gain. Since you hold the position ingeritably, pur price would be the market value at the time of transfer
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