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Thread: Capital Gains Tax on Ancestral Property

  1. Capital Gains Tax on Ancestral Property


    My mother and her brothers are planning to sell off their ancestral property for an amount of Rs. 12 lakhs. I want to know the following:

    1. Will she be liable to pay capital gains tax (@ 20%) on her share of the income (4 lakhs) , or are ther any exemption conditions specifically applicable to ancestral property ?

    2. What is the approximate stamp duty that the buyer of this property needs to pay ? This deal is being conducted in Orissa and we suspect a desire on the part of the buyer about not disclosing the entire sale amount, so that he can save taxes.



  2. Re: Capital Gains Tax on Ancestral Property


    As this is not specific to RTI query, I am moving it to chit-chat forum.

  3. Re: Capital Gains Tax on Ancestral Property


    R we turning into a all round advise forum. I do not mind that but for those advise may be people should pay some charges which will go for maintaining the site and other expenses.

  4. Re: Capital Gains Tax on Ancestral Property



    Going by above there will be day when we will have all different section for all sorts of advise just Joking.

  5. #5
    ashish.tiwari Guest

    Re: Capital Gains Tax on Ancestral Property


    1. There would be **NO** CGT if the seller purchased another propery 6 months before or 3 years after selling the earlier property.
      To avoid CGT, one can invest Capital Gain Bons by various State/Central Govt schemes that keep coming time to time.
    2. Stamp duty is a State subject and varies accordingly. Search on net, there is pleny of info.

  6. Re: Capital Gains Tax on Ancestral Property


    Please continue the discussions, if required, at BigHelpers. As this site is dedicated to RTI Act only, the thread stands closed.
    Defeat is not final when you fall down. It is final when you refuse to get up.



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