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Inherited property sale proceeds require capital-gains treatment where ownership is supported by evidence, not suspicion or unverified signature doubts.
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Sale consideration from inherited residential property is addressed as taxable under "Capital gains" where title documents, society records and devolution support the taxpayer's ownership. The material emphasises that doubts about a transfer deed based on unverified signature comparison, without expert evidence or independent enquiry, cannot displace documentary title; suspicion cannot substitute cogent evidence. It further notes that receipt of gross sale proceeds alone does not establish taxable income under "Income from other sources" if ownership is disputed. The described treatment requires computation of long-term capital gains and consideration of the residential-property reinvestment deduction, subject to arithmetical verification.
Sale consideration from inherited residential property is addressed as taxable under "Capital gains" where title documents, society records and devolution support the taxpayer's ownership. The material emphasises that doubts about a transfer deed based on unverified signature comparison, without expert evidence or independent enquiry, cannot displace documentary title; suspicion cannot substitute cogent evidence. It further notes that receipt of gross sale proceeds alone does not establish taxable income under "Income from other sources" if ownership is disputed. The described treatment requires computation of long-term capital gains and consideration of the residential-property reinvestment deduction, subject to arithmetical verification.
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