Capital gain tax

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 long-term capital gains. (LTCG). This capital gain on the sale of ancestral property is taxed at 20.8% (including cess) with indexation and 12.5% without indexation.

For taxation purposes, only the above-mentioned ancestral properties are to be taken into consideration.

Any property that is inherited from ancestors by the individual does not have any tax liability at the time of inheritance, regardless of its type (movable or immovable).

However, when the inheritor sells out the inherited property, the capital gains earned on the sale of the property will be taxable.

Very well explained, opined and advised by learned senior expert despite the fact the query falls within the domain of "Tax consultants / Chartered Accountants"