banner_ad

Is income tax leviable on property inherited from mother

Tax queries 252 views 2 replies

1.What is tax implications on house property inherited from mother who bought it in 1950 and now sold by us in Feb  2021?

2is any income tax applicable  or is such inherited property exempt from tax?

1.We inherited it in 2018.  Is income tax applicable on capital gains from its sale ? At what rate?

How to calculate its capital gains ? Formula With indexation that is applicable?

Read more at: https://www.caclubindia.com/forum/income-tax-on-property-inherited-from-mother-and-now-sold-570773.asp

Replies (2)
LTCG will be applicable on your case @ 20% with indexation benefit
Capital gain will be sale value minus cost of acquisition to the original buyer that is your mother. since asset is prior to 01-04-2001, you are eligible to adopt FMV of inherited asset prevaling as on 01-04-2001.


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
ARTICLESHIP 17 May 2026
CA Article /Trainee

Malik Sunil & co

New Delhi

CA Foundation

View Details
Company
29 May 2026
Accounts assistant

Shubh Consultancy

Mumbai

Graduate (Any)

View Details
Company
21 May 2026
Associate

PWC

Kolkata

CA

View Details
Company
14 May 2026
Senior Associate

ABHISHEK SHANKAR AGARWAL & ASSOCIATES

Kolkata

CA

View Details
Company
24 May 2026
Accounts & Tax Executive

PARAS KHURANA AND CO

New Delhi

B.Com

View Details
Company
27 May 2026
Audit Assitant

Virender K Gupta and Co

New Delhi

B.Com

View Details
Company
14 May 2026
ICSI Trainees for 21 Months and Semi-Qualified CS

CMNITY HIRE

New Delhi

Others

View Details