Financial gains against a sale of an asset are not
applicable to inherited property. It is considered only in case of transfer of
ownership. Personal Tax Return
According to The Income Tax
Act, assets received as gifts or by inheritance are exempted in the calculation
of income for an individual.Buildings, lands, houses, vehicles, Mutual Funds,
and jewelry are a few examples of capital assets. Also, the rights of
management or legal rights over any company can be considered as capital
assets. Are you a property owner? Looking forward to sell your old property? In
case you sell your property at a price higher than its purchase price, then you
would be liable to pay capital gains tax on the profit you earn on the sale of
your property.
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