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Property sale proceeds will be taxable in the same year
Q: Capital gains on sale of long-term capital assets are subject to a tax rate of 20% (excluding surcharge and education cess)

ancestral property
capital gains
capital gains on sale of long-term capital assets
long-term capital asset
ltcg
Latest Answer: But there are certain restrictions as well, if the capital gains remain un-invested until the due date of filing tax returns in India (i.e. 31 July), you may put the amount of capital gains in a Capital Gains Account Scheme (CGAS) with a bank (not later than the due date of filing your India tax return), and you can then subsequently withdraw this amount for reinvestment purposes.
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How to Preserve Ancestral Homes?

heritage buildings
ancestral property
ancestral homes
preservation of ancestral homes
heritage homes
Latest Answer: You too can get involved in the preservation of ancestral buildings and homes. All you need to do is to identify a historical home that needs attention and qualifies or meets the requirement of the national register of historical ancestral homes. Today, many homes that are recognised for their significance and are irreplaceable have caught the attention of home preservationists.
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Looking for some expert help regarding the Will prepared by my father
Q: We have two properties one is ancestral and one is my father's. I also have a property but half of the amount has been paid by my dad, but the property is in my name. My question is if my father pronounces in his Will that all the property to be given to me, can my sister claim a right to the property which is not ancestral

will
ancestral property
properties in bangalore
Latest Answer: If the WIll says all the properties to be given to you then your sister can't claim any of this properties unless she proves that the Will has been forged.
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Bangalore Legal Legal in Bangalore
Ancestral property
Q: What is an ancestral property?

properties in bangalore
ancestral property
inherited property
Latest Answer: Once you inherit an ancestral property, you automatically become the owner of the property and same law or tax rule apply if you had bought the property. For an NRI, if the inherited property is the only property, then no income tax payment is required but if the NRI possesses more properties in India then computing notional income on the second property is required.
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How to get original documents?
Q: A person has an ancestral property passed on to him but does not have the original documents for that property. Now he wants to sell the property. Is there a way he can get the property's original documents?

bangalore properties
ancestral property
documents for a property
Latest Answer: Hey James, If the documents is in his name and he lost them, he can get a certified copy from registering authority.
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Is this ancestral property?
Q: My grandmother died recently without any will. The property has been divided between her 2 sons and 1 daughter. My father and aunt gave the power of attorney to my chacha to sell it. Property is still as it is but poa was given near abt 20yrs. ago.

will
property in india
ancestral property
poa
Latest Answer: What is ancestral property? What is the present 'Ancestral Property Inheritance Law' for unmarried daughter in India?
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