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Please explain, one got a share from the sale of ancestral property on the death of his father. Does his tax liability shall be changed if he get only share without executing the sale transaction i.e sale is executed by his mother and he gets the share in sale proceed |
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The real issue is who is the owner of land or who inherited after death of father................the capital gains is levied on the owner of prperty on the transfer of such property.
one does not become liable ot capital gains tax merely because he has received part of consideration , even if he is not the owner of the property transfered
Please advice me the Long Term capital gain Tax applicable on sale of an ancestral property. Does it also have an exemption as in equity shares ? if not at what rate will the LTCG be applicable in my case . Asst year 2009-2010 ie. for accounting year 2008-2009.
LTCG will be taxable @ 20% . . . . . . . .
CAclubindia
