Legal Question in Real Estate Law in India

My father has made a legal agreement and transferred the immoval residential property(land + house) to me. Since he has not sold the property ( worth Rs 1 crore today), if I decide to sell the property after 10 years(lets say propery will be worth 3 crores after 10 years), should I pay as any tax to government from the sale price? please clarify.

This question is from Chennai, India


Asked on 1/05/10, 8:15 am

1 Answer from Attorneys
RAJIV GUPTA (Cell: +91 9811284735) [email protected]

a residential property, if sold within 3 years of purchase or transfer, attracts a capital gain ranging from 20 to 30% but as you plan to sell off after 10 years, no capital gain may be attracted.

Read more
Answered on 1/05/10, 11:15 pm


Related Questions & Answers

More Real Estate and Real Property questions and answers in India