Sale of property
This query is : Resolved
CA BINIT SHAH
(Querist)
09 December 2011
I have received a property in village in inheritance on the death of my father. If i have sold the property and have received the amount in cash. if i deposit the amount in bank would it be taxable.
Hari Beldona
(Expert)
09 December 2011
It will be taxable as capital gain
Capital Gain= Net Consideration on sale of building (Indexed cost of acquisition+Cost of improvement+Expenses wholly and exclusively incurred for the transfer)
Cost of acquisition to the previous owner will be the cost of acquisition to the present owner where cost of acquisition could not be found out
Long term capital gain=Asset held for more than 36 months in case of other than shares & securities etc
Capital Gain= Net Consideration on sale of building (Indexed cost of acquisition+Cost of improvement+Expenses wholly and exclusively incurred for the transfer)
Cost of acquisition to the previous owner will be the cost of acquisition to the present owner where cost of acquisition could not be found out
Long term capital gain=Asset held for more than 36 months in case of other than shares & securities etc
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