Negotiable Instruments: Exhaustive Coverage by Adv Roma Bhagat. Register Now!
LCI Learning

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

M S Krishnamohan (Retired)     27 March 2013

Capital gain tax on sale of inherited plot

Sirs, I have inherited a piece of residential land from my father about 10 years ago. Now I am planning to sell the same. I am going to  deposit all the sale proceeds in Capital Gains Account.

Q1. Whether I may utilise this money for purchase of flat. If yes, within how many years.?

Q2. Whether I may utilise this money for purchase of vacant housing plot?

Q3, Whether I have to pay tax if I do not utilise the amount for purchase of property after 3 years.If yes, What is rate of Tax?

Q4. Whether interest earned on the Capital gains account is taxable?

I would be highly grateful to your kind advise.



 0 Replies

Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register