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poly ghosh   31 October 2020

tax liability - reg.

Sir/Madam,

i am a c-govt employee. salary is my only source of income. i pay income tax as per my form 16 provided by office.

i inherited my parental house at district Hooghly (wb) 5 yrs back which i like to sale now.

Kindly advise, on the following points. it will be a great help for me.

1. whether i need to pay additional tax on the anount of selling price of the property.

2. how can i evaluate, whether there is any capital gain.

3. if no capital gain is there, does it mandatory to show it in the IT return.

regards to all.
poly ghosh


Learning

 4 Replies

SIVARAMAPRASAD KAPPAGANTU (Retired Manager)     01 November 2020

You need to show entire sale proceeds separately  in IT Return, not clubbing with your income. Yes you need to pay capital gains tax. There is a formula of deducting from the present sale proceeds,  market the  value as per government records at the time of your inheriting. There are some other permissable deductions. Better contact a Chartered Accountant to help you. 

P. Venu (Advocate)     01 November 2020

Yes, you need to pay capital gains tax, if liable. A tax consultant is the best person to guide you.

Dr J C Vashista (Advocate)     01 November 2020

Post your query in CA club.

poly ghosh   07 November 2020

thanks & regards to all respondents

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