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Can inherited property be taxed?- Property hotline
Posted
September 15, 2016
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September 15, 2016
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2:16Now PlayingExpert: Samir Kanabar, Partner -Tax and Regulatory Services at EY
Question: I inherited a property which underwent redevelopment. We were paid compensation in cash, which once paid was deposited in a capital gains account which was subsequently used to buy another property. Do I need to declare this amount as personal income tax if the same is actually deposited in a capital gains account with a nationalized bank?
Answer: Assuming that the inherited property is surrendered or transferred, compensation will be taxed as capital gains, which could be exempt from tax by investing in another residential property.
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