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55-year-old inherits property, wants to know tax implications of Rs. 150 lakh sale

Vivek

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Tax, MF Expert - Answered on Nov 04, 2024

Vivek Lala has been working as a tax planner since 2018. His expertise lies in making personalised tax budgets and tax forecasts for individuals. As a tax advisor, he takes pride in simplifying tax complications for his clients using simple, easy-to-understand language.
Lala cleared his chartered accountancy exam in 2018 and completed his articleship with Chaturvedi and Shah. ... more
SA Question by SA on Oct 20, 2024Hindi
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Myself 55 years old,, i am going to acquire a residential house (47year old) property by way of will from my mother,, i want to sell it at a price of 150 lakhs what will be the tax i need to pay ,, educate me

Ans: Yes the tax will be applicable as if your are the owner of the property when it was purchased by your mom
There are different ways to calculate the taxes

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