A house built by my sister in 2001 has been transferred to me in May 2024 after her death. If I sell this house now, will the income from it be considered as long term capital gain or short term capital gain?
Hi @J.R_Mehta,
For calculating capital gains in case of inherited property, the cost of acquisition and date of purchase of the previous owner are considered. Hence, in your case as well, as the house was originally constructed in 2001, the gains will be long-term.