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Your Queries – Income Tax: Capital gain on sale of inherited property is liable to income tax
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By Chirag Nangia
After the death of my father, I am selling his flat. Is the sale proceeds exempted from income tax? I have no other source of income.—Mahesh Samarth While no income tax liability arises on inheriting property upon death of father, the subsequent sale is taxable as ‘capital gains’ in the hands of the recipient. Therefore, you have to offer the capital gains on sale of inherited house property, irrespective of whether you have any other income. An immovable property such as a flat
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