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Tax on sale of residential house property

This query is : Resolved 

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



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.

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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