Ad Free CAclubindia and Daily Updates on your Mobile. Subscribe Now!

Capital gain on sale of ancestral property

30 July 2024

if assesses sale ancestral property during the previous year and received all amount of sale in this bank account. such sale is taxable or not. pls mention the section.

Reply
Follow
Share

10 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177726 Points)
Replied 30 July 2024

Yes, taxable.

Upgrade to CAclubindia Pro. Subscribe Now!

Singh Kamboj (409 Points)
Replied 30 July 2024

Sir pls explain

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177726 Points)
Replied 30 July 2024

When you get ancestral property it is tax exempt, but when you sell it, it is taxable.

Singh Kamboj (409 Points)
Replied 30 July 2024

Ok sir, sir every time you solve my problem. thanks a lot sir .

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177726 Points)
Replied 30 July 2024

You are welcome.

Upgrade to CAclubindia Pro. Subscribe Now!

sabyasachi mukherjee (27574 Points)
Replied 31 July 2024

Capital gain on sale of property is taxable

Singh Kamboj (409 Points)
Replied 25 August 2024

Sir please suggest to me how to calculate the long term capital gain as I am not knowing the date and purchase price of such property.

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177726 Points)
Replied 25 August 2024

Get the circle rate of the property as on 01.04.2001, from sub-registrar office. Take it as the cost of acquisition, index it to current year that would be indexed cost of the property. Reduce the amount from the sale amount to get long term capital gain.