How would be the proceeds from sale of inherited ancestral property taxed if it is sold within a year of inheritance? Can benefits of Section 54 Or Captial Gains Account scheme be availed?
And if the proceed are shared further with subequent heirs how would it be taxed?
Menu
Tax computation on sale of inherited property
Replies (1)
"Can benefits of Section 54 Or Captial Gains Account scheme be availed?"
Yes. The period of holding is counted from the original purchase.
"And if the proceed are shared further with subequent heirs how would it be taxed?"
Capital gains shared amongst the legal heirs, and accordingly tax liability.
Recent Topics :
- IPO application checklist: 18 rules that decide wh
- NSE IPO Price, GMP, Allotment Date and Listing
- Gst tax rate
- Cash deposited by customer
- CAPITAL GAIN REG
- Built a simple tool to automate client document fo
- Capital Gain on Sale of SRA Allotted Flat Received
- Discrepancy in Auto populated figures in GSTR1 of
- What should I do after receiving a GST Show Cause
- Discuss and Download CA Inter Question Paper Septe
Related Topics :
CAclubindia
