Tax on selling ancestral property
Razul Gupta
(Querist) 18 December 2017
This query is : Resolved
Hello everyone,
I have inherited some property from my grandfather,which he bought in 1958.
I want to know what percentage of the selling amount will I have to give to the government as income tax..? Also what are the rules for buying a new property from the amount received by selling this ancestral property?
Razul Gupta
(Querist) 19 December 2017
I request all experts in this panel to reply...
Razul Gupta
(Querist) 19 December 2017
I request all experts in this panel to reply please....
P. Venu
(Expert) 19 December 2017
The query discloses no material facts.
ramesh
(Expert) 19 December 2017
It's long-term capital gains taxable at a flat raate of 20%. However, under Section 54 of the Act, the seller can claim exemption from capital gains arising out of sale of the house to the extent the capital gains are invested in another residential property subject to fulfilment of the following conditions:a) the new residential house is purchased either one year before or two years after the date of sale or constructed within three years from the date of sale and b) the new property purchased should not be transferred within three years of purchase.
Dr J C Vashista
(Expert) 20 December 2017
You should consult a local taxation lawyer or chartered accountant since the question does not involve any dispute for consideration, analyses, guidance and proceeding by legal experts on this platform.
