Discussion
Tax on sell of inherited property is
Answer: B
A tax on the sale of inherited property is Capital Gain Tax.
Inheriting property is not taxed in India, but when the heir sells it, the difference between the sale price and the cost of acquisition is a capital gain. For inherited assets, the cost and holding period of the previous owner are taken into account, and the gain is taxed under the head 'Capital Gains'.
Income tax is the wider law under which this head falls, but the specific levy is capital gains tax. Wealth tax was abolished from 2015-16, and land tax is a State levy on holding land, not on selling it.
No comment is present. Be the first to comment.
Loading…
Post your comment
Please log in or register to post a comment.
Examination Categories
- SSC Exams
- Banking Exams
- Teaching Exams
- Civil Services Exams
- Railways Exams
- Engineering Recruitment Exams
- Defence Exams
- State Government Exams
- Police Exams
- Insurance Exams
- Nursing Exams
- Other Government Exams
- NRA CET
- PG Entrance Exams
- Campus Placement
- MBA Entrance Exams
- CUET and UG Entrance
- Judiciary Exams
- Regulatory Body Exams
- Software Development