I am selling my property inherited from my father who expired intestate and the property is self acquired by my father. Now, I had incurred lot of personal expenditure to repair and to meet personal expenses and availed various loans from banks etc.
Now, I realised that it is better to sale the property and come out of debt trap. So, I request you to help me understand the capital gains calculation under these circumstances. As I may not be able buy new property to save on capital gains and if I have to pay tax , then i would not be left with much balance.
regards and thanking you in advance .
venkat s batchu.