Dilip Desai (Assistant Manager) 24 September 2014
Hai, there one and all, I have a request for the following quary. please some one guide me.
Our ancestral property w+as sold sometime back. Now+ the iT Department is demanding Capital Gain Tax (CGT) on the same. I for once thaught that I am inheting the property as such there is no Tax Liablity. I may please be advised whether CGT is payable? Thank
swati (hhhhhh) 03 October 2014
Hello Dilipji,
You are right that there is no tax implication when you inherit property but you will need to pay tax when this inherited property is sold.
Inheriting and selling are two different acts.
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