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Is income tax applicable

This query is : Resolved 
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(Querist)
08 November 2024 I have just inherited my father’s house after his death. Now I am rebuilding it and builder will take one floor. Builder will also pay my rent for wherever I stay during reconstruction of house. In addition builder will pay about 30 lacs.
How will I account for all this in my next year IT return.
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
08 November 2024 It will be long term capital gain. The value of the house property along with Rs. 30 lakhs would be sale proceeds.
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