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Money matter

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naushad ad

25 Points Posted on 05 April 2022

We children sold our deceased father's property.my share come near to 28lakh rupees. If I deposit this amount all together into a single bank account will there any income tax deduction come,? if so how can I free from this tax deduction ?,how much deduction come ?because I don't have another property

Replies (5)

Quick Summary

After selling your deceased father's property, you've received a share of approximately 28 lakh rupees. To avoid capital gains tax on this inheritance, you can reinvest the entire amount into another residential property within two years of the sale date. You can temporarily deposit the funds in a bank account for a few months while arranging the purchase of a new property. For detailed guidance on the procedures, it's recommended to consult a local Chartered Accountant.

prasad Nilugal

GST Practitioner & Accounts

8994 Points Posted on 05 April 2022

Month / Year of purchase of property .
Month / Year of Sale of property .
please mention .

naushad ad

25 Points Posted on 05 April 2022

January 4 th 1964 is purchased date of property .our father died on December 10 1985 .We sold property by March 23 2022

prasad Nilugal

GST Practitioner & Accounts

8994 Points Posted on 05 April 2022

You can invest in another residential property entire amount with in 2 years from the date of sale to avoid capital gain tax , please contact to near by CA office for more details, he will guide you all procedure .