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Inherited property

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Querist : Anonymous

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Querist : Anonymous (Querist)
29 May 2013 I had a property on my Father's name which was purchased before 1981 (no COA known). I have sold the property on behalf of him (as he is no more) and received the consideration. Am I liable to pay tax even if property was not in my name.
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Rupesh Jain

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Rupesh Jain (Expert)
29 May 2013 as property legal heir tax will paid by you
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Pankaj Gupta

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Pankaj Gupta (Expert)
29 May 2013 As you are the legal heir and the property is inherited by you, you are the present owner of the property. When you sale such property, capital gain will arise which shall be taxable in your hands.
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