Income from sale of fathers self acquired property
This query is : Resolved
04 February 2025
I have recd through a will my father's property which comprises of a house built on a plot in harihara a town in karnataka. I want to know whether any tax will have to be paid me after sale if do how much . Iunder which section i have to show the income from salecof property in mu income tax return. Thanks
CA R SEETHARAMAN
(Expert)
04 February 2025
Capital gains tax applicable at the rate of 12.50 on gains over the cost incurred by your father.
If it's acquired before 01/04/2001 market rate on this date may be adopted for cost.
If it's acquired before 01/04/2001 market rate on this date may be adopted for cost.
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