Tax on selling inherited property

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  1. Mohamed Farook

    Mohamed Farook New Member

    Hi,
    We have inherited my Father's property which was originally owned by his mother and my father purchased the same long back ( more than 15 years ago) . Me, mother and sister are the legaly successros and now we would like to sell this property worth 60 lakhs. I want to know what is the tax each of us have to pay and is there any exemption for the amount. My mother doesnot have a PAN card where as me and sister do. We may purchase land separately for each of us or may invest the same in bank.

    What would be the best practise to follow. Kindly guide me..

    Regards,
    Farook
     
  2. Karan Batra

    Karan Batra Well-Known Member

  3. Mohamed Farook

    Mohamed Farook New Member

    Thank you Karan
     
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