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

Vivek Lala |301 Answers |Ask -Follow

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

Question by SA on Oct 20, 2024Hindi

Money

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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