i have an ancestral house inherited in my name. i want to know the tax liability after sale of the property.
please advise me.
regards,
p ghosh
If a property is sold within three years of buying (acquiring) it, any profit from the transaction is treated as a short-term capital gain in the hands of the individual. This is added to the total income of the owner and taxed according to the slab rate applicable to him. For those earning over Rs 10 lakh a year, this shaves off 30% of the profits from the sale consideration.
