Tax »Posted 14 Apr 2012 Click here for Free Legal Advice Disclaimer
TAX ON SALE INCOME OF INHERITED PROPERTY
My deceased husband who was an N.R.I., purchased a Villa
in India worth Rs. 80 Lakhs, using his Savings and Bank Loan.
After death of my husband, as his Legal Heir, I am the owner of the Villa now.
As I am unemployed and as Bank Loan need to be repaid, I
am now selling the Villa for Rs. One Crore.
The Sell Price of the Villa is Rs. 18 Lakhs higher than
Purchase Price of the Villa.
But the Buyer and Seller of the Villa are two different
persons, my husband and myself respectively.
Should I pay Capital Gains Tax or any other type of Income Tax, on the Profit made ?
How is it possible to say that I made Profit, as I never
made any Capital Investment in the first place ?
I do not have a PAN Card.
Should I pay Income Tax on inherited Bank Deposits of my
husband, treating those Bank Deposits as
One Time Income ?
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