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Capital gain on sale of ancestral property
if assesses sale ancestral property during the previous year and received all amount of sale in this bank account. such sale is taxable or not. pls mention the section.
Replies (10)
Quick Summary
Yes, taxable.
Sir pls explain
When you get ancestral property it is tax exempt, but when you sell it, it is taxable.
Ok sir, sir every time you solve my problem. thanks a lot sir .
You are welcome.
Capital gain on sale of property is taxable
Sir please suggest to me how to calculate the long term capital gain as I am not knowing the date and purchase price of such property.
Get the circle rate of the property as on 01.04.2001, from sub-registrar office. Take it as the cost of acquisition, index it to current year that would be indexed cost of the property. Reduce the amount from the sale amount to get long term capital gain.
Ok sir, thanks a lot
My Pleasure.
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