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Capital gain tax on share from property owned by late parents?
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
Replies (2)
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.
Capital gain arises on transfer of property .
Here purchase of property is not a transfer but accqusition.
Here purchase of property is not a transfer but accqusition.
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