Hi,
I had received some immovable property as a share of ancestoral property.
I am planning to sold this property with sales Consideration of INR 11.50 Lakhs.
As this is inherited prorperty and no consideration was paid for acquiring such property. I would like to know the tax impact on the same.
Please note that as per Income tax act, in case of inherited property cost of acquisition of initial owner needs to consider for ascertaining Long Term Capital Gain. I am not having any information with respect to cost of acquisition of inital owner (which would be paid by my great grand parent)
In that scenario, would complete sales consideration would be considered as LTCG and taxed @ 20% (excluding Surcharge and Cess)
Please treat it as urgent and if possible advise it at my personal id i.e. rattiwahal16 @ gmail.com
Thanks for the help!!
Ratti
CAclubindia
