Capital gain tax on sale of the deed of release property

Tax queries 603 views 3 replies

Dear Sir,

My Mother owns a house registered in Nov 2009 . My Mother passed away in Sep 2011.My Father and Sister has given the rights to me through release deed in Nov 2011 only. In Oct 2022 i sold the property .

MY QUESTION IS WILL ANY CAPITAL GAIN I NEED TO PAY on sale of my release property in 2022, IF YES WHAT IS PERCENT I NEED TO PAY. AND HOW DO I NEED TO CALCULATE THE PROFIT OF THE SALE? 
 

Replies (3)
On inheritance no tax but on sale of gifted property also there is capital gain.
Yes, capital gain doesn't arise when you acquire property by inheritance but capital gain arises when you sold your inherited property.
capital gain arises in the year of transfer.
long capital gains = sale consideration you
received
(-)
indexed cost of acquisition ( i.e
purchase value incurred by your
mother)
(-) indexed cost of improvement
incurred by your mother and
by you till transfer

taxable rate is 20%on such long term capital gains u/s 112


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