Sumeet Bagga (Dir of Corporate Accounts) 29 March 2010
My father bought land and built a property in Delhi in 1962. He has written his will making my sister and myself equal share holders of this immovable property in the event of his death. I am an Australian citizen with NRI status. My questions are:
- is this considered an cestral property for me?
- in the event of my fathers death can my sister and I sell this property and share the proceeds?
- what are the tax implications for my sister and myself on the sale proceeds?
Thank you
Raghav Sood (Lawyer) 01 April 2010
- is this considered an cestral property for me?
no it is not considered as ancestral property for you as you have acquire the right being the class one heir of your father along with your sister by way of succession as the property was the self acquired property of your father
- in the event of my fathers death can my sister and I sell this property and share the proceeds?
your sister can only sell her share in property not the entire property
- what are the tax implications for my sister and myself on the sale proceeds????
can be answered by Taxation expert
Thank you
bhagwat patil (Property due diligence 9422773303) 02 April 2010
u will be liable for capital gain tax. get calculated by table from the date of aquisiton ans sale
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