Tax on Inherited Property Flat
This query is : Resolved
13 February 2022
I have received inherited residential flat of my father which was purchased at approx Rs. 18000 (Eighteen Thousand) in 1980 in mumbai, area 265 sqft. In 2006 the extension work was done on existing structure of the building and each flat in building got extended by 110 sqft. admeasuring total area of 375 sqft. I have transferred 50% share of my flat on my wife's name and now we are joint holders. If I sell the flat for 37 Lakhs in April 2022 how much tax will be calculated on sale of this property. Request you to kindly guide.
14 February 2022
Even if you have transferred 50% share to your wife, but due to clubbing provision, total Long Term capital gain will be assessed in your account. LTCG will be 37 lakhs less FMV of the flat as of 2006.
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