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What is the tax implication on jointly inherited property?- Property Hotline
Posted
November 3, 2016
Views
127
November 3, 2016
127
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2:02Now Playing
2:23Expert: Vinay Singh, Tax and Legal Expert.
Question: My father passed away recently and my brother and I inherited his property. My father had bought the property in 1968 and it might undergo redevelopment. Can we hold this property jointly? If we sell it, are we liable to pay any tax on sale of this property? What will be the impact on taxes that we pay as I own 2 more properties in Mumbai?
Answer: Assuming it is a residential property, yes you can hold it jointly. Yes, you will have to pay tax on sale of this property at 20%. The other property that you are holding has no bearing on the tax.
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