Capital gain tax on share from property owned by late parents?

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113 Points Posted on 05 January 2023
Will I be liable to pay Capital gain tax if I invest the amount in buying residential plot instead of an apartment. I don't own any apartment or land at present. TIA
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On 05 January 2023 at 21:50 Report
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Quick Summary
This discussion clarifies Capital Gains Tax (CGT) implications when investing inherited funds from parents into a residential plot. While purchasing a plot isn't a transfer, failing to construct a house within the specified timeframe means you likely won't be able to claim an exemption on the long-term capital gain earned from the inherited property. Consequently, you may be liable to pay CGT on the gain.

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SEO Sai Gr. Hosp.
212503 Points Posted on 05 January 2023

If you don't construct house property over the plot (within specified time period), you cannot claim exemption of LT capital gain earmed on inherited property; hence you will be liable to pay tax over the gain.

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On 05 January 2023 at 23:22
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Profession
28261 Points Posted on 06 January 2023
Capital gain arises on transfer of property .
Here purchase of property is not a transfer but accqusition.
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On 06 January 2023 at 13:46

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