How much % tax should I pay if I receive an amount from my inherited property?

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  1. Arun Pavan

    Arun Pavan New Member

    Sir, we are of 4 siblings. We sold our late father's property to our eldest sister. My eldest sister settled the amount to everyone. The property was bought by my late father in 1976 for Rs.7000/-. Now (2016) the market value is Rs. 1,20,00,000/-(one crore twenty lakhs) which was split amongst us each getting Rs 30 lakhs.

    My question is, how much % of capital gain tax should I have to pay for my share of Rs.30 lakhs ?
     
  2. sai tejesh(ca.final)

    sai tejesh(ca.final) Active Member

    a)First, find out the market value of the property as on the date 01-04-1981.
    b)take propertion of this amount which you own as cost of acquisation.
    c)Apply indexation up to the date of sale(i.e from 1981 to 2016).
    d)reduce this amount from your sale consideration of RS.30l.
    e)avail basic exemption limit of to RS.250000/-
    f)pay capital gain tax @20.60% on net capital gains.

    For further clarification send details to my mail.id - [email protected]
     
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