Dear Sir,
One of my client wants to sale his father's house (Father died on 1995) for Rs. 20 lacs. Is the sale amount taxable income? Please guide.
Thanks,
Asim Jana
1 Replies
Mihir
(Wealth Manager)
(5293 Points)
Replied 03 March 2014
Yes, it is taxable. But you will have to find out the long term capital gain. You can save tax by investing in another property.
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