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Whether inherited property is taxable or not
24-Nov-2023 (In Property Law)
I sale one pond 8 Kata with land 4kata.both are inherited property.wheather it's taxable or not.l am Hindu.
Yes, any asset received as inheritance is fully exempt from gift tax but amount on sale of such asset is not exempted from tax. It will be taxable under the head capital gains. The capital gains may be short term or long term depending on the period for which the asset was held.
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Adv. Siddhant Sharma
Delhi | 500+ Answers
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