14 November 2017
My father had purchased a land in 1972 n build a house in 1982 He expired in 1995 n v inheirted his property in 2011 Now v r planning to sell this land If v sell the land approx 1 CR i will get as my share Can i buy a property n dont have to pay any tax Is balance amount is there how much tax will i have to pay
14 November 2017
you can replace the value as on 01/04/2001 as cost of acquisition. Work out capital gain. The gain can be invested in house property u/s 54. You can also avail 54EC. Both the sections have their own restrictions. Please check if you adhere to the same.
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