Tax on Ancestral Assets at time of Sale or Gift?

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  1. Ra jCean

    Ra jCean New Member

    Our Aunt Died leaving behind bank balance, mutual funds and property. We need help to know how much tax we have to pay. Mr karan Batra had explained this in one of his post which was very helpful.
    1. Our Aunt purchased house in 1998 for 50 lakhs. Now the value is around 2 crores. the property is given to two person.
    2. The banks have balance of 22 lakhs.
    3. The shares purchased in 1996 of Rs. 25000 are now 12 lakhs.
    4. 10 lakhs LIC Products.
    Can any one HELP us PLEASE. Do we have to pay tax if we sell these Or we have to pay tax even these are transferred in our name???
  2. Karan Batra

    Karan Batra Well-Known Member

    You will have to pay tax only when you sell these and not when these are transferred in your name.
  3. Karan Batra

    Karan Batra Well-Known Member

    Moreover, no tax would be levied on sale of Shares as these have been held for more than 1 year
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