My father expired recently. My mother, brother and myself are his legal heirs. Now we want to sell off a flat which is in my father's name. Please let me know what would be the taxes levied on this sale process.
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Property sale
Replies (3)
By law, the ownership of the flat would devolve on you three. Accordingly the Capital Gains tax would arise in each of your hands on the sale of the property. the tax would be levied @ 20%.
However tax can be saved by investing the CG in the 54EC bonds of NHAI or REC, or the same can be invested by purchasing a new house. the house should be purchased withing 2 years from the date of trasnfer or if under construction flat is being purchased, the construction whud be completed within 3 years from the date of sale.
I agree with Giridhar...
Thanks a lot Giridhar and Neha, for replying.
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