Income tax

kunhi marakkar (Querist) 04 April 2022 This query is : Resolved
I sold my deceased fathers property . my share is near to 28 lakh rupees. if I deposit this money altogether in a single bank account will any tax deduction come?

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Quick Summary

When selling inherited property and receiving a significant sum, like 28 lakh rupees, you might be concerned about tax deductions. While depositing the money into a single bank account may not automatically trigger tax, it's crucial to be aware of potential capital gains tax liabilities. Consulting a local Chartered Accountant (CA) or an Income Tax Practitioner is highly recommended to navigate these complexities and ensure compliance.

kavksatyanarayana (Expert) 04 April 2022
No, to my best known. It is better to post this query on CAclubindia.com or consult a local CA.

Dr J C Vashista (Expert) 06 April 2022
Consult a local CA or post in CA Club as advised by senior expert Mr. Kavksatyanarayana, which I endorse and appreciate.

P. Venu (Expert) 10 April 2022
You could be liable for capital gain. Contact an Income Tax Practitioner.

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