My sister-in-law received two residential properties after the death of her parents, as she was the only child. Now, she wants to sell both the properties and buy one. 1st property was acquired in 2009 for Rs.14.50 lacs and the 2nd one was acquired in Aug 2013 with a sum of Rs.14.00 lacs. Now, my query is
1. Whether any tax liabilty will arise if she does so?
2. What will the possible tax libiality if she sells one property and buy a new property and 2nd property is sold after 2-3 years.
regards
Vijay
CAclubindia
