How to use proceeds from sale of property

594 views 1 replies

Hi team,

We are 4 legal heirs for the house property

The property is sold now.So Please clatrify below questions ASAP.

1> Whether we have to keep the sale proceeds or the net taxable amount in capital gain tax scheme.

2>Whether we can keep that money in savings account and what would be the taxability on the hand of each legal heir?

3>Whether individual legal heir can use the money as he or she wants.

4>How the taxability would be calculated i.e the net sale proceeds after cost acquisition would be devided among the legal heirs or any other methods are there.

Regards

Swetapadma Mohanty.

 

3>

Replies (1)

dear swetha

1, you can buy or construct another house property to the extent of capital gain to get exemption u/s 54

2. If u keep in savings account then u will have to pay capital gain tax

3. after u pay the tax u can enjoy the amount and do what ever u want

4. Proportionatly u will be charged to capital gains

regards

karthi

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
29 June 2026
ACCOUNTANT

SANDEEP AASHISH & CO

Araria

B.Com

View Details
Company
22 June 2026
Accountant

Global Image Technologies Private Limited

New Delhi

MBA

View Details
Company
10 June 2026
Senior Account Executive

JDS Advisory LLP

Ahmedabad

CA Inter

View Details
Company
ARTICLESHIP 27 June 2026
Article

SNCO

Mumbai

CA Inter

View Details
Company
06 July 2026
Accountant

Agarwal Anoop and Associates

Noida

CA Final

View Details
Company
Featured 15 June 2026
Senior Auditor

N. Dhawan & Co

New Delhi

CA Inter

View Details
Company
19 June 2026
Accounts Executive

Getfive Advisors Pvt. Ltd.

Ahmedabad

CA Inter

View Details
Company
24 June 2026
Chartered Accountant

CA Darshita Shah & Co

Nadiad

CA

View Details