(Querist) 31 March 2008
This query is : Resolved
property inherited by a person is sold by him.is he liable for any tax to govt- such as capital gains, etc.,?
(Expert) 02 April 2008
Yes, he is liable for the capital gains tax depending upon the term of years of holding the property whether it is a long term or short term.
But you can save that capital gain tax by investing the same.