Tax on Property received on Family Partition

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  1. maruthi

    maruthi New Member

    sir,
    I have to sell my property which i aquired 3 month ago from family partion deed and i want to purchase a house immediately.Do i need to pay any kind of tax on this . please reply me immediately.
    raj
     
  2. Neha Sharma

    Neha Sharma Active Member

    Since you have inherited this property from family partion deed, I'm assuming that this property would have been originally held by the family for more than 3 years and therefore long term capital asset.

    When you sell this house, Capital Gains tax would be levied on the same. However, if you invest this amount in buying a residential property - this amt wld be exempted from the levy of capital gains tax.
     
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