Sir/Madam,
i am a c-govt employee. salary is my only source of income. i pay income tax as per my form 16 provided by office.
i inherited my parental house at district Hooghly (wb) 5 yrs back which i like to sale now.
Kindly advise, on the following points. it will be a great help for me.
1. whether i need to pay additional tax on the anount of selling price of the property.
2. how can i evaluate, whether there is any capital gain.
3. if no capital gain is there, does it mandatory to show it in the IT return.
regards to all.
poly ghosh
You need to show entire sale proceeds separately in IT Return, not clubbing with your income. Yes you need to pay capital gains tax. There is a formula of deducting from the present sale proceeds, market the value as per government records at the time of your inheriting. There are some other permissable deductions. Better contact a Chartered Accountant to help you.
