Do I need to immediately pay the capital gain tax?
While there is no urgency to pay the capital gain tax, there is a specific date to pay the advance tax when you file your ITR to avoid paying interest under sections 234B and 234C.
Do I need to pay capital gains tax on inherited property?
Yes. You owe capital gains tax when you sell the inherited property. The capital gains tax is calculated based on the property’s value at the time of inheritance or the original purchase [...]
Can I claim a deduction for interest paid on a home loan while calculating capital gains?
No. The interest paid on home loans cannot be deducted when calculating capital gain. However, while calculating your overall income tax for the financial year, interest paid can be deducted [...]
How is the capital gain calculated in the case of joint ownership of property?
For joint ownership, the capital gain is calculated individually for each owner based on their share in the property. Each owner should report their share of capital gains in their income tax [...]