Is income tax leviable on property inherited from mother

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1.What is tax implications on house property inherited from mother who bought it in 1950 and now sold by us in Feb  2021?

2is any income tax applicable  or is such inherited property exempt from tax?

1.We inherited it in 2018.  Is income tax applicable on capital gains from its sale ? At what rate?

How to calculate its capital gains ? Formula With indexation that is applicable?

Read more at: https://www.caclubindia.com/forum/income-tax-on-property-inherited-from-mother-and-now-sold-570773.asp

Replies (2)
LTCG will be applicable on your case @ 20% with indexation benefit
Capital gain will be sale value minus cost of acquisition to the original buyer that is your mother. since asset is prior to 01-04-2001, you are eligible to adopt FMV of inherited asset prevaling as on 01-04-2001.


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