Inherited property sold
This query is : Resolved
Shanmugam Ponnurangam
(Querist)
05 December 2022
Respected Sir,
My father died 7 years and i recieved his property in form of inheritance and sold the property due to my debt .Since we had old debts i settled a part and gave a part to my relatives and spent balance for my self where in i dont have any money left in bank .Now i came to know capital gains.what should i do now.i have not invested my money in any c g schemes.How to proceed.I am afraid whether i will get into problem.If i have to pay tax how should i pay.Please advise.
My father died 7 years and i recieved his property in form of inheritance and sold the property due to my debt .Since we had old debts i settled a part and gave a part to my relatives and spent balance for my self where in i dont have any money left in bank .Now i came to know capital gains.what should i do now.i have not invested my money in any c g schemes.How to proceed.I am afraid whether i will get into problem.If i have to pay tax how should i pay.Please advise.
CA R SEETHARAMAN
(Expert)
05 December 2022
Give market value of the property as on 1st April 2001 if property purchased by your father before this date.
Give sale value and sale date.
Is it a house property.
Details required to work out the tax payable of any.
Give sale value and sale date.
Is it a house property.
Details required to work out the tax payable of any.
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