Capital Gains on sale of Ancestral Property

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  1. Shyam Sinha

    Shyam Sinha New Member

    If ancesstral property is sold, is he going to be subjected to capital gain income tax ?
     
  2. Karan Batra

    Karan Batra Well-Known Member

    Yes, Tax would be levied on the capital gains that arise on the sale of such property.

    The rate at which your ancestors had purchased the property would become the cost of acquisition and the rate at which it has been sold will be the Sale Price.

    Manner of computation of Capital Gains has been explained in this link - http://www.charteredclub.com/capital-gain-tax/

    The capital gains can be exempted if the amount of capital gains is reinvested in specified instruments - http://www.charteredclub.com/section-54/
     
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