My siblings and I sold our ancestral property recently. Assuming my share was X, I recently bought a flat and the cost is about 65% more than X.
What would be my tax implication?
Thanks
SunnyJ (Freelancer) (67 Points)
12 November 2024My siblings and I sold our ancestral property recently. Assuming my share was X, I recently bought a flat and the cost is about 65% more than X.
What would be my tax implication?
Thanks
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(179345 Points)
Replied 13 November 2024
If ancestral property was house property & if you have purchased new property within specified time period; and if your capital gains arrived from the sold property be equal to or less then X, then no tax liability.
SunnyJ
(Freelancer)
(67 Points)
Replied 13 November 2024
Thank you Sir for your valuable information
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