Is income tax applicable
This query is : Resolved
08 November 2024
I have just inherited my father’s house after his death. Now I am rebuilding it and builder will take one floor. Builder will also pay my rent for wherever I stay during reconstruction of house. In addition builder will pay about 30 lacs.
How will I account for all this in my next year IT return.
How will I account for all this in my next year IT return.
08 November 2024
It will be long term capital gain. The value of the house property along with Rs. 30 lakhs would be sale proceeds.
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