cpc

tax on ancestral property


Hi,

My maternal grand father had purchased land on my mother's name around 30 years back. The land is on my mother's name. We are planning to sell that land and buy apartment in delhi. Will there be any income/property tax when we sell this land?

Secondly, if my mother receives an ancestor property from her mother, will there be any income/property tax when we sell that property?

 

Thanx

V

 

 
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ADVOCATE

You Queries: 1. Will there be any income/property tax when we sell this land?

2.  if my mother receives an ancestor property from her mother, will there be any income/property tax when we sell that property?

Replies: 1. Yes, there will be.

2. Yes, there will be.

 
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Other

yes ,you have to pay tax on capital gain.

if u purchase Resident property for personnal use from such sale proceed within prescribe time then only u can claim deduction from capital gain Tax.

 
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Thanks Mr. Rajagopalan.

What type of tax I have to pay? Secondly, if I sell a land and purchase an apartment, will I get exemption from capital tax gain?

 
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