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Retirement couple: Inheritance property sold - how is Capital Gains Tax calculated?

T S Khurana |481 Answers |Ask -Follow

Tax Expert - Answered on Aug 02, 2024

A certified management accountant since 1993, T S Khurana is a fellow member of The Institute of Cost Accountants of India. His areas of expertise are income tax, specifically litigation cases, and GST.

Since the last 21 years, he has also been providing expert advice on financial matters, including investments and diversification of funds, and wealth building in the long term to his clients.
He believes that investment in real estate is the safest way for better returns and wealth generation over a period of time.

A former chairman of the Chandigarh Chapter of Institute of Cost Accountants of India, T S Khurana has also served as member of its technical committee.... more

Asked by Anonymous - Jun 30, 2024Hindi

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My father in law had a house which he constructed in 1990 on a plot cost was 2 lakhs. After his demise the house is being sold for 78 lakhs jun 2024. The proceeds of sale went to mother in law and two daughters. 33.3% each. How will be the capital gain tax be calculated and how will it tax liability for all three. All three are not working now. Help

Ans: Each of the beneficiaries shall file ITR separately and pay tax under the head Long Term Capital Gains. Since the plot is sold in June 2024, it shall be reported in ITR of A/Y 2025-26. Rate of LTCG Tax will be 12.50% (on gain only). Cost of plot as mentioned remains Rs.2,00,000.00, however please add Cost of Construction (which is not mentioned in the question) of house in the cost.
All the three are eligible for relief either by investing in house property or purchasing Capital Gains Bonds of NHAI or REC etc.
Most welcome for any further clarification. Thanks.

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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Hello Mr. Vivek, I am retired from private service and now doing technical consultancy, earning some monthly amount which is coming below taxable income. My father built a house on a plot, which was on my name about 30 year back at Chandigarh. The plot was on lease for 30 years and not a free hold. Now we like to sell it off. I have one younger brother and I have share 50% of sell amount with him. Can the tax liability on capital gain, which may be on me, be share with him or not. Please advise. Thanks in advance. R. Lal

Ans: Hello, yes the liability of tax can be shared by both. If the income is coming in your account, you can pay the entire amount of tax and then split the remaining with your brother.

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We sold out father's bungalow Built in 1970 costed around 25 lacs We sold it to 96 lacs last year What will be capital gain tax ? we don't have bills of renovation as of now since sister is quarreling she is refusing to give regn copy of last year purchase even bungalows receipts she is not giving Now what to do? This 96 lacs amount is shared by 4 sister and we 2 brothers Or should I show some property investment in advance please guide me ikpl.ravi@ Gmail com

Ans: 01. As described in your question, you might have received Rs.16.00 lakhs (1/6 shares of Rs.96.00 lakhs), in your account.
02. Keeping in view the cost details which have mentioned, LTCG would just be negligible (may be less than Rs.1.00 lakh in your case). You may pay tax on the same & go ahead, instead of involving in any sort of litigations.
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Question by Nevil - Nov 14, 2024Hindi

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Hi, We 3 Family Members (Mother and 2 Sons) purchased a Land of 185 Sq.Mtr. with Rs. 78,000.00 in Oct-2001. Now we have sold it in Nov-2024 at 10.80 Lakhs. Each Member will get Rs. 3.60 Lakhs. Now with the Current Index of the said land is Rs. 5730 per sq.meter. Being the 3rd holder will it attract Capital Gain Tax and how much and how it is calculated.

Ans: 01. Individual share of LTCG (Sale price - Cost of plot) will be taxed, as under :
(a). Tax Rate 12.50% without indexation OR
(b). Tax Rate of 20% in case of Indexation.
You may calculate your tax liability under both options & may opt for the tax regime, where tax liability is minimum.
Most welcome for any further clarifications. Thanks.

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Asked by Anonymous - Dec 21, 2024Hindi

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Dear Guru. I have inherited a property in Mumbai from my deceased father which was purchased in 1983 by him. If today i sell the property which is worth 2.60 Crs whats my capital gains tax and how will it be calculated

Ans: 01. In absence of exact figures, it is not possible to calculate your Capital Gains Tax. However, following details may help you to assess your tax liability.
02. Under present provisions of Income Tax Act, you may opt any of the options (Long Term
Capital Gains), as under :
(a). Tax Rate 12.50% without indexation or
(b). Tax Rate of 20% with Indexation.
03. You may calculate your tax liability under both options & may opt for the tax regime, where tax liability is minimum.
04. Most welcome for any further clarifications. Thanks.

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Question by Raj - Mar 20, 2025Hindi

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Hi sir Father purchased 2 flat total of Rs 2 lac in june 1985 Now both flat will sell on April 2025 @ 24 -24 each total of Rs 48 lac How capital gain be calculated What will be his tax liability

Ans: 01. Under present provisions of Income Tax Act, you may opt any of the options (in case of Long Term Capital Gains), as under :
02. (01). Tax Rate 12.50% without indexation or
03. (02). Tax Rate of 20% with Indexation (Indexation from 01.04.2001).
04. You may take a Certificate from an Architect of the value of Flats, as on 01.04.2001 & adopt this as Cost of Flats for calculation of LTCGs.
05. You may calculate your tax liability under both options & may opt for the tax regime, where tax liability is minimum.
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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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