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Income tax on share of ancestor property

(Querist) 07 March 2015 This query is : Resolved 
My father wanted to sell his as well as my mother’s property (Mother is no more). We all children (legal heirs) are ready to sign for registration. Do I need to pay Income tax for my share? I wanted to put it in my bank. Please advice.
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Suhail A.Siddiqui (Expert) 08 March 2015
Yes, If capital Gain arises after valuation of property of 1981

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