Do sale of house property of fathers(who has expired) attract any capital gain tax in sons IT Return.How to show that cash recd in the IT File.
Amir
(Learner)
(4016 Points)
Replied 13 January 2010
Dear N keswani,
LTCG on the sale of property after the death of owner shall be taxable in the hands of legal heirs............
CA CS Amit Borade
(Chief Accountant)
(2828 Points)
Replied 13 January 2010
Yes ,Amir is right
>> It is a Long term Capital gain
>> Chargable in the hands of legal heirs
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