Capital Gain Tax on Sale of Inherited Property|How to Calculate FMV of Property as on 2001|Taxpundit
A capital gain may either be short term, or long term, depending on the period for which the asset was held. If the inherited house is held for more than 24 months, it is treated as a long term asset. This period of 24 months includes not only the period for which you held the house, but also the period for which it was held by the previous owner/s who had paid for it.
For a holding period of less than 24 months, the actual cost of acquisition and any cost of improvement are deducted and the balance amount is treated as short term gains and taxed at the slab rate applicable to you. If the combined holding period exceeds 24 months, you get the right to deduct the cost of acquisition and the cost of improvement as enhanced by the cost inflation index multiplier. The cost of acquisition will be the amount paid by any of the previous owners, towards the purchase of the house.
In case the house was inherited before 1st April 2001, you may substitute the fair market value of the property as on 1st April 2001 for the ‘cost of acquisition’ and apply the cost inflation index multiplier on that value.
For a long-term asset, you have two options to save taxes. You can either invest the capital gains on the purchase of one house within two years or construct one house within three years. Alternatively and/or additionally, you can invest the capital gains of up to Rs 50 lakhs in bonds of NHAI or REC, within six months of its accrual.
Currently, the LTCG on the sale of a property is fixed at 20%. STCG is calculated as per the marginal income tax slab of the inheritor and can be up to 30%.
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मैंने दिल्ली मे घर ख़रीदा जून 2004 मे 149000/- ओर उसके रेनोवेशन पर 300000/- ओर उसके बाद 2018 एक फ्लोर बनाई उस पर 750000/- मै इसको feb 2023 मे 4950000/- मे बेच रहा हूं मेरा टैक्स कितना बनेगा
Well explained. But you have not given the calculated income tax amount to be paid on capital gain for the examples you told. It's incomplete. Pls clarify one example where the property was purchased in 1998..
Sir, thanks for the video. I have one question, We are four siblings, My father purchased a land on 1990, now we are giving the land to one builder, Once he will complete the apartment, then I am planning to sell my portion of flat. In that case, what type of capital gain it would be.
Sir, I am a person of Indian origin born in India who is now American citizen. I inherited grand father's property and sold it. Do I need to pay capital gains tax and file tax return?
meri property 45 saal purani hai inherited hai dadaji ne papa ko di aur papa ne mujhe .. . present valuation 5.5 crs hai soo mujhe tax kitna dena padega govt. ko ab agar mein isko bech du toh ?? ? please suggest
arey Govt rate alag ha property ka aur market rate alag haa, jo market value ayega sale karne ke baad tou uska kya ha?
Sir circle rate kya hota hai ...kya uss pe bhi depend karta hai ki hamara capital gain kya hoga ..ya nai capital gain totally depends on total sale value minus the indexed cost ..their diff. Is capital gain.....doesn't matter whatever the circle rate whether less or more than indexed cost or sale cost ......capital gain has nothing to do with circle rate..please clear this point
मेरे पिता जी ने जमीन 6 आने में 1960 में ली थी उसका वैल्यूएशन कैसे किया जाएगा
My father died before so many years ago and we mutually distribute all my father's property and a shop came in my part and i sold out it in the same financial year so can i take the way of long term capital gain ?
Ancestral property ke agar 5 legal heirs h aur hum ek ke naam kardete h toh tax kese show karege?
ਸਾਹਿਬ ਸ਼੍ਰੀ ਜੀ ਇਹ ਬਹੁਤ ਹੀ ਸ਼ਾਨਦਾਰ ਅਤੇ ਸ਼ਲਾਘਾਯੋਗ ਵੀਡੀਓ ਏ,ਜਿਸ ਵਿੱਚ ਆਪ ਜੀ ਨੇ ਬਹੁਤ ਹੀ ਸੁੰਦਰ ਤਰੀਕੇ ਦੀ ਭਾਸ਼ਾ ਨਾਲ ਸਮਝਾਉਣ ਦਾ ਯਤਨ ਕੀਤਾ ਐ। ਬਹੁਤ ਬਹੁਤ ਧੰਨਵਾਦ ਆਪ ਜੀ ਦਾ❤
आप बहोत खुले दिल के आदमी है 🎉🎉
Excellent! Clear explanation with all important details.
बहुत बहुत धन्यवाद सिर इतना बढ़िया तरीके से बताने के लिए
Thank you so much.. you ate the best.
Bahut sunder tarike se apne smghaya hai. Dhanyawad Sir ji
Clear thinking, clear explanations, good
Very nicely explained,
Brilliant - answered all important questions in mind.
Explained very lucidly. thank you.