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.
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.
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
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.
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.
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?
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.