income tax

ganesan (Querist) 31 March 2008 This query is : Resolved
property inherited by a person is sold by him.is he liable for any tax to govt- such as capital gains, etc.,?

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Manish Singh (Expert) 02 April 2008
Yes, he is liable for the capital gains tax depending upon the term of years of holding the property whether it is a long term or short term.

But you can save that capital gain tax by investing the same.

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