whether the capital gain arises from the sale of immovable property from the ancestor will be taxable under capital gain or exempt.
pls give the opinions.
1 Replies
CA Ganesh Agarwala
(Audit Senior Manager)
(239 Points)
Replied 25 June 2012
dear sanjeev,
yes any sale of capital asset gives rise to capital gain
and immoveble anscestral property is a capital asset.
cheers
ganesh agarwala
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