My mother bought a flat on 12-05-1999 for Rs 7 Lakhs from her own self-acquired funds, it is not ancestral property. My father had passed away earlier in 1983. She got the Khatha transferred to her name. My mother passed away intestate on 21-11-2007. Left behind 3 sons and 1 daughter as the only surviving heirs.
On 06-06-2014 my 2 brothers and sister relinquished and renounced their share in the property (1/4 each) to their
blood brother, i.e. to me.
Thus I (the vendor) became sole and absolute owner of the propery and got the Khatha transferred to myself and been paying the Property Tax to BBMP.
I offered and sold it to for a sum of Rs 49.25 Lakhs on 15-12-2021.
Is there any income-tax liability? If so how much? Please tell me how to calculate it also.
CAclubindia
