Tushar Chaudhary 11 December 2020
Gaurav sharma 11 December 2020
P. Venu (Advocate) 12 December 2020
What is the sale value shown in the deed of conveyance. If the conveyance is undervalued, you could be in trouble with the Income Tax authorities not because of capital gains, but due to other reasons. You may seek the assistance of the professional tax practitioner.
SIVARAMAPRASAD KAPPAGANTU (Retired Manager) 13 December 2020
You need to pay Capital Gains Tax on the differential between the price mentioned in Sale Deed and the market price of the property on the date you had inherited the same and minus certain permissible deductions. Therefore you may engage a Chartered Accountant to make the calculation of capital gain accrued to you and to handle the matter of submission to Income Tax Authorities.
Dr J C Vashista (Advocate) 13 December 2020
Capital tax on income has to be paid on the sale consideration.
It would be advisable to consult a local prudent chartered accountant or lawyer practicing taxation for better analyses of facts/ documents, professional guidance and necessary proceeding.