Tax liability on ancestral property sale

Consult chartered accountant for your doubts...

1)yes2)on basis of capital gain. From the date of purchase tothedate of sale.it is calculated on lnflation3)if u want to evade capital gain tax the excess money which is taxable be invested in REC. or any other central govt scheme for fixedyrs u can save tax. Or if u buy another house or site with in fixed time u can avoid tax.

Which personal law applies in your case?

Are you all Hindu?

Who was 1st owner of the property e.g; your mother?

Did your mother buy this property and did she buy from self earned/acquired funds/estate?

Confirm!

Property from mother’s side is not ancestral.

Succession opens on date of death; by inheritance or by testamentary succession (by valid WILL).

Since your mother is alive so succession has not opened and the property is not devolving upon you as inheritance.

Cash gifted by mother may not be taxable.

However you may obtain proper opinion in this regard by showing all related docs from a very able LOCAL counsel/CA specializing in concerned filed of law e.g; Tax/I.Tax matters as in your case, and well versed with LOCAL applicable rules, precedence, latest judgments etc …. and worth his/her salt, can advise you after examining all case related docs, inputs,  evidences on record.

One should not fall for IT’s and entities loitering at online portals to allure unsuspecting querists. There are many threads on such instances at LCI also.

Online discussions are not substitute to in person discussions with a very able counsel of unshakable repute and integrity specializing in concerned field of law.

There are such very able counsels at each location.

Check LOCALY.

Your counsel can also help you to draft and sign necessary papers/deed.

You can also post query at LCI group website CAClubindia.