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Will I be taxed if I buy a flat and rent a shop from the proceeds of selling inherited property?

Mihir

Mihir Tanna  |948 Answers  |Ask -

Tax Expert - Answered on Jul 24, 2024

Mihir Ashok Tanna, who works with a well-known chartered accountancy firm in Mumbai, has more than 15 years of experience in direct taxation.
He handles various kinds of matters related to direct tax such as PAN/ TAN application; compliance including ITR, TDS return filing; issuance/ filing of statutory forms like Form 15CB, Form 61A, etc; application u/s 10(46); application for condonation of delay; application for lower/ nil TDS certificate; transfer pricing and study report; advisory/ opinion on direct tax matters; handling various income-tax notices; compounding application on show cause for TDS default; verification of books for TDS/ TCS/ equalisation levy compliance; application for pending income-tax demand and refund; charitable trust taxation and compliance; income-tax scrutiny and CIT(A) for all types of taxpayers including individuals, firms, LLPs, corporates, trusts, non-resident individuals and companies.
He regularly represents clients before the income tax authorities including the commissioner of income tax (appeal).... more
Rahul Question by Rahul on Jul 23, 2024Hindi
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Sir My parental property is divided into two shares (Brother& Sister) and we sold it in 1.18 crores.If the registry will be for 96 lakhs both of us will get,48 lakhs out of which if I will purchase flat for 26 lakhs and registery will be done for 2 lakhs and taking shop on rent for 40000/- On my 20 lakhs tax will be levied or it will be under exemption Please guide

Ans: Tax will depend on cost of acquition of original owner
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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