Inherited property
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 June 2012
What would be the tax liability
1. if a property ( Flat in Hsg. society) inherited as legal heir is sold.
2. if property ( Flat in Hsg. society) is received as gift and later sold by the person receiving the property as gift.
1. if a property ( Flat in Hsg. society) inherited as legal heir is sold.
2. if property ( Flat in Hsg. society) is received as gift and later sold by the person receiving the property as gift.
CA PARAS BAFNA
(Expert)
24 June 2012
The person selling the property is liable for capital gains.
.
Cost to the previous owner will be considered as Cost of Acquisition.
.
If the combined period of holding exceeds 3 years, the cost will be subject to indexation or in other words, Indexation benefit will be allowed.
.
.
Cost to the previous owner will be considered as Cost of Acquisition.
.
If the combined period of holding exceeds 3 years, the cost will be subject to indexation or in other words, Indexation benefit will be allowed.
.
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