Dear Sir,
I have inherited a property (building) from my father which is fully occupied and rented out. The tenants are in possession of the property since over 15 years. The value of the property as per the circle rate is Rs. 1.25 crores., however none of the tenants is prepared to give the circle rate and neither any outside party is prepared to give the circle rate. In fact the total price offered for the property is merely Rs.30 lakhs. The annual rental income is only Rs. 80,000/- /- and that too is not being paid by most of the tenants.
I am already 52 years old and not in a position to file suits that will take years or decades to settle and am also in dire need of funds. I also have no other source of income. Kindly inform what will be the amount of Capital Gains Tax, if I were to conclude the deal at the offered rate? I do not mind handing over the property to the income tax dept. at the offered rate.
Can any one suggest a solution?
