Tax on Inherited Property
This query is : Resolved
19 January 2022
Sir,
I want to know the capital gain tax effect on sale of land which was acquired by inheritance. As per rule, for determining cost, cost to the previous owner should be taken as cost for indexation. But I don't know the cost as the same was acquired by father from grand father by inheritance and grand father from grand grand father etc.
I want to know the capital gain tax effect on sale of land which was acquired by inheritance. As per rule, for determining cost, cost to the previous owner should be taken as cost for indexation. But I don't know the cost as the same was acquired by father from grand father by inheritance and grand father from grand grand father etc.
Dhirajlal Rambhia
(Expert)
19 January 2022
Consider Circle rate of the plot/area, as on 01.04.2001, as your cost of acquisition.
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