LawRato

Capital Gain on Property Sold by father


11-Jun-2023 (In Property Law)
We are three sisters.Our father sold his self bought house after thirty years. He received 60 lakhs and he had bought for5 lakhs.Afer selling his house he died after three months without paying Capital gains tax..Now that money will come in our account do we have to pay capital gains tax. What are other liability we will face.
Answers (1)

Answer #1
826 votes
Dear X You raised the query regarding income tax liability and consequences after getting capital from sad demises of your father. It is not gift and not direct earning money, hence you can show the income of your father but for capital have to pay tax as per my knowledge. You should consult with CA who will advice you better under your subject.
Helpful? LawRato LawRato
Advocate Anil Kumar Singh

Adv. Anil Kumar Singh

LawRato Ranchi | 5+ Answers
Chat with Advocate Anil Kumar Singh Chat 

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.

Report abuse?

Connect with top Property lawyers for your specific legal issue
Connect with a Lawyer
Comments by Users

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."

All Answers

Googling your legal issue online?

The internet is not a lawyer and neither are you.
Talk to a real lawyer about your legal issue.

LawRato