Ask Experts Questions for FREE Help !
Ask
    jyotisharma128's Avatar
    jyotisharma128 Posts: 3, Reputation: 1
    New Member
    		  
    #1

    Feb 22, 2011, 01:38 AM
    Have I to pay tax on income from sale of parental property
    My father expired in 1997 and mother in 2004. Parental Property sold in 2011. Amount shared among 4 brothers and sisters. I want to use the amount for opening trust for scholarship in university. HAVE I TO PAY INCOME TAX?
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    Feb 22, 2011, 05:00 AM

    You will probably have to pay taxes on the difference between the value of the home when your mother died and the amount sold for. Each sibling will have to pay Capital Gains taxes on that difference. So if the house was valued at $100K and was sold for $120K, you each had a $5K Capital gain.
    jyotisharma128's Avatar
    jyotisharma128 Posts: 3, Reputation: 1
    New Member
    		  
    #3

    Feb 22, 2011, 10:40 PM

    No, I am an Indian, I want the answer in Indian Context.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #4

    Feb 23, 2011, 04:23 AM

    Sorry, ANY question on law needs to include your general locale as laws vary by area. This is an international site, but its primarily US so you need to specify.
    jyotisharma128's Avatar
    jyotisharma128 Posts: 3, Reputation: 1
    New Member
    		  
    #5

    Feb 23, 2011, 04:53 AM

    Thanks for the information
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

If I sell inherited farm property, do I have to pay income tax for the value? [ 1 Answers ]

I inherited a 1/3 share of a farm that is co-owned by two other relatives. I sold the property for $76K. Do I pay income tax on $76K or only if it's sold for more than it's appraised for?

My UK SIPP owns commercial property in the USA, Do I have to pay tax on sale? [ 1 Answers ]

My UK pension scheme (SIPP fund) owns commercial property in the United States. If my pension scheme sells this property, do I have to pay United States taxes on the transaction?

Do I have to pay taxes on a property sale abroad? [ 2 Answers ]

My husband and I sold our house in Germany and moved to the US. We had to pay taxes on the sale in Germany. Do we have to pay taxes in the US? I am a US Citizen but my husband is German.

Income from property sale abroad [ 3 Answers ]

I am selling some land abroad. I will be getting money from that sale. I am not a US citizen or a resident and am here on a work visa. I would like to bring some of that money into the country which I plan on using to buy a house. Will I have to pay taxes on that money? I have proof of sale and can...

View more questions Search