648+ Lawyers are online 
Am I liable to pay capital gains if i sell ancestral Property
25-Feb-2023 (In Property Law)
i had a pond which was sold by me in January for 14 lacs. i was paid in Cash. it was an ancestral property. i want to know weather m i liable to pay the capital gains from this property as well/
capital gains tax is a tax on capital gains, the profit realized on the sale of a non-inventory asset that was purchased at a cost amount that was lower than the amount realized on the sale. Since the property is not an aquired property of yours and is ancestral, it is not liable for capital gains. But since you've taken the money in can it will be subject to scrutiny by the IT department
Helpful?
23+
23+
Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at lawrato.com and has been responded by one of the Divorce Lawyers at lawrato.com to address the specific facts and details.
Connect with top Property lawyers for your specific legal issue
No Comments! Be the first one to comment.
"lawrato.com has handpicked some of the best Legal Experts in the country to help you get practical Legal Advice & help."
