Tax on sale of residential house property
This query is : Resolved
24 June 2019
Dear All
If any person sold his old residential house property , which he got ownership by virtue of will then that sale amount is taxable or not as per sale of house property rule under capital gains
Assess see not purchased his residential property , he got it bu virtue of will.
Regards
If any person sold his old residential house property , which he got ownership by virtue of will then that sale amount is taxable or not as per sale of house property rule under capital gains
Assess see not purchased his residential property , he got it bu virtue of will.
Regards
24 June 2019
Sale amount is taxable under long term capital gains. The cost of the property will be what it costed to the previous owner. Indexation benefit can be taken.
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25 June 2019
Sales consideration of property is consider for calculating capital gain but from same indexed cost of acquisition(i.e. cost of previous owner or FMV as on 01.04.2001 w.e. is higher to be consider) is deducted
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