I have inherited property from my father.Now I sell it .Is the income taxable or not If so how much?

Question

I have inherited property from my father.Now I sell it .Is the income taxable or not If so how much?

Answer 1

There is no tax on inheritances but you must pay tax on the capital gains.

http://mytaxes.in/index.php?topic=30.0

Answer 2

You will have to pay tax if there are any capital gains on the sale of property. The price paid by your father to acquire the property can be taken as the original cost of the property.

Answer 3

You will have to pay LTCG tax. You will have to calculate the indexed cost of the property. If the property was purchsed before 1981, the property value in 1981 will have to be fixed first. After calculating the indexed cost of purchase calculate the LTCG. Pay 20% as tax.

Answer 4

you need to calculate the depreciation and this can be shown in tax deduction

Answer 5

it is taxable. u have to give the cost price of the house and the sale price to calculate how much tax is due.