Hello,
I have a question regarding income tax liability. There is a property (indepentant house constructed in 1969) that was inherited by my mother, brother and I after my father's death in 1989. We have recently registered the property in our names and looking to sell it. The sale will be executed sometime next month and our share is about 10 lacs each (total property value 30 lacs)
I would like to know if this is taxed at the usual long term captal gain tax or is there some tax benefit because this was inheritance. Please let me know. Appreciate your help.
Kumar
CAclubindia
