how can i determine the capital gain of an inherited property, when it is sold. please advise.
Regards,
poly ghosh
In any case tax liablity has been generated against sold of forfather property. The calculation method is as under:
When the property is held for a period of more than 24 months from the date of acquisition, the gains from the property will be termed as long term capital gains. (LTCG). This capital gain is taxed at 20.8% (including cess) with indexation.
When the property is held for a period of less than 24 months from the date of acquisition, the gains from the property will be termed as short term capital gains. (STCG). This capital gain is taxed at the slab rate applicable to the assessee.
