yogesh ramesh (marketing) 14 June 2012
Dear people
I have inherited a property from my father 6 months back.the property is 17yrs old, but the construction on that said property completed 1year back.
Now suppose i want to sell the property will i be taxed long term or short term capital gain in relation to the property+the constructed residence
Thanking you
S Jadhav 98336 98330 (Jadhav & Associates) 15 June 2012
You can get the valuation doen as per the land and buidling method and use the capital gains indexation to reduce your capital gains tax.
For the land, you can take the date of purchase by your father as the intial rate and index value since then till the date of sale by you.
For the building, you can take construction costs as per the date of construction and sicne it is only one year old, you will not get any depreciation on the same.
S Jadhav
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