Inheritance of property?

Question

I inherited a flat abt 1600 sq.ft in chennai from

my parents after their death, a year ago. Do I have to pay capital gain tax on it? I have not rented it

out nor sold it to anyone, just furnished it and

keep using it. If capital gain has to be paid, what are

the ways of investment to avoid it.

savithri

capita

Answer 1

indian 1980 is 100% correct. See that you have all documents showing your title to the property. In case you sell the flat you should be aware of its purchase price or its valuation in 1981so that you can calculate LTCG.

Answer 2

There is no tax on inheritances in India. There is no estate duty. So get the flat transferred in your name.

Read: Estate duty and Will or inheritance

http://mytaxes.in/index.php?topic=19.0

Answer 3

There is no capital gains tax on property inherited by you. There will be capital gains only when you sell the property to someone.

If you have more than one house. Only one house can be taken as self-occupied and the other house is to be considered as deemed let out.