Think of it as if I have inherited property, I will not pay any tax on it. I will have to inform the Income Tax Department about that asset, but I will not pay any tax on it. If I sell my inherited property, then I will have to pay tax on that property.

Who is included in the inherited property?

There is also a confusion regarding inherited property as to which property is ultimately called inherited property. Inherited property includes land or property that we inherit from our father, grandfather or great-grandfather. If we get any property from our mother’s family i.e. maternal grandfather, maternal uncle or other relatives, then it is not called inherited property. We are required to report such assets under the Income Tax Act, 1961 .

Who will pay tax on inherited property?

We have to pay tax on the sale of inherited property. It is the responsibility of the owner of the property to pay the tax levied on the property. By the way, any inherited property is considered as a gift and is tax free. But if this asset is sold then it is taxed. This tax comes under the category of capital gains. You also have to classify the capital gain as long-term or short-term. It depends on how long you have held any asset.

Suppose you own an ancestral property for two years, after that you sell it. When you sell the asset, whatever revenue comes to you i.e. the sale amount is considered as long-term capital gain.

Income tax act on inherited property

The Income Tax Act also has certain rules regarding inherited property. As per the Income Tax Act, if a property was inherited before April 1, 1981, then the owner of the property has an option to convert the fair market value of the property. And if the property is inherited after April 1, 2001, then the cost of acquisition is considered to be Rs 50,000.

In case of property inherited after April 1, 1981, you will not be able to set off the amount paid by the owners for tax purposes. Also, in many cases, you become entitled to the benefit of indexation from the year you receive the inherited property.

The post Inherited property: Know what is the income tax rule on selling inherited property ? know all the details first appeared on Rightsofemployees.com.

Along with this, the PM also dedicated the new electrified rail section in Uttarakhand to the nation. Dehradun Delhi Vande Bharat is the 17th Vande Bharat to run in the country. This train is made of 100 percent indigenous technology, in which both the safety and convenience of the passengers have been taken care of. Earlier, the PM had inaugurated this train between Puri-Howrah.

This train is being operated by the Railways in many states from north to south and from east to west. Today we are telling you on which routes this train is running-

1. New Delhi Varanasi Vande Bharat

The country’s first Vande Bharat train was flagged off on February 15, 2019. This train was run for the first time on the New Delhi-Varanasi route. At present, this train is operated six days a week except Thursday. This train completes the journey of 749 kilometers between New Delhi and Varanasi in just 8 hours.

2. New Delhi – Shri Mata Vaishno Devi Katra Vande Bharat

This Vande Bharat runs between the capital Delhi to Shri Mata Vaishno Devi Katra. The train completes the journey from Delhi to Katra in just 8 hours. This train operates on all days except Tuesday.

3. Gandhinagar-Mumbai Vande Bharat Express

This train is also operated six days a week like the rest of Vande Bharat. The train leaves Mumbai for Gandhinagar every day except Tuesday at 6 am. This train completes the journey of 522 kilometers in 6.25 hours.

4. New Delhi-Amb Andaura Vande Bharat Express

New Delhi-Amb Andaura Vande Bharat Express is being operated between New Delhi and Amb-Andaura of Himachal Pradesh. This train operates on all days except Friday. This train will depart from New Delhi at 5.50 am and reach Amb Andaura at 11.05 am.

5. Chennai-Mysore Vande Bharat Express

South India got the gift of first Vande Bharat between Chennai and Mysore. This train departs from Chennai at 05:50 in the morning and covers a distance of 401 kilometers and reaches Mysuru at 12.20 minutes.

6. Nagpur-Bilaspur Vande Bharat Express

Vande Bharat, running between Nagpur in Maharashtra to Bilaspur in Chhattisgarh, is the 6th Vande Bharat of the country. This train operates every day except Saturday. The train departs from Nagpur at 2.05 minutes in the day and reaches Bilaspur at 7.35 in the evening.

7. Howrah-New Jalpaiguri Vande Bharat Express

Howrah to New Jalpaiguri Vande Bharat is the seventh Vande Bharat train to run in the country and the first from Bengal. This train operates on all days except Wednesday. It leaves Howrah at 5.55 am and reaches New Jalpaiguri at 1.25 am.

8. Secunderabad-Visakhapatnam Vande Bharat Express

Vande Bharat, running between Secunderabad in Telangana to Visakhapatnam in Andhra Pradesh, is the 8th Vande Bharat in the country. This train departs from Secunderabad at 3 a.m. and reaches Visakhapatnam at 11.30 p.m. It runs on all days of the week except Sunday.

9. Mumbai Solapur Vande Bharat Express

Mumbai Solapur Vande Bharat Express runs six days a week except Wednesday. It will depart from Mumbai’s Chhatrapati Shivaji Terminus (CST) at 4.05 pm and reach Solapur at 10.40 pm.

10. Mumbai-Shirdi Vande Bharat Express

Vande Bharat running between Mumbai to Shirdi was the 9th Vande Bharat train of the country. It runs from Mumbai’s CST to Sai Nagar Shirdi. The train covers the distance between these two cities in just 5.20 hours. The train operates seven days a week except Tuesday.

11. Hazrat Nizamuddin – Rani Kamalapati Station Vande Bharat Express

This Vande Bharat runs between Hazrat Nizamuddin Railway Station in New Delhi and Rani Kamlapati Station in Bhopal. The train covers the distance of 700 kilometers between the two cities in just 7 hours and 45 minutes. This train runs six days a week except Saturday only. It departs from Bhopal at 5.55 am and reaches Delhi at 1.45 am.

12. Secunderabad-Tirupati Vande Bharat Express

Vande Bharat completes the 660 kilometer journey between Hyderabad’s Secunderabad to Tirupati in just 8 hours 30 minutes. This train departs from Secunderabad at 6 in the morning and reaches Tirupati at 2.30 in the day. It operates six days a week except Tuesday.

13. Chennai-Coimbatore Vande Bharat Express

Vande Bharat running between Chennai-Coimbatore Vande Bharat Express completes the total journey of 495 kilometers in 6 hours 10 minutes. This train runs on all days except Wednesday. Leaving Coimbatore at 6 am, it will reach Chennai Central at 12.10 minutes.

14. Ajmer – Delhi Vande Bharat Express

Ajmer Delhi Vande Bharat Express travels to Delhi via Jaipur, Alwar and Gurugram. This is Rajasthan’s first Vande Bharat. This train completes the journey from Delhi to Ajmer in just 5 hours 15 minutes.

15. Thiruvananthapuram-Kasaragod Vande Bharat Express

Thiruvananthapuram-Kasaragod Vande Bharat Express is the first train of Kerala and the 15th Vande Bharat train of the country. This train operates between Thiruvananthapuram to Kasaragod in Kerala. From Thiruvananthapuram it departs at 5.20 am and reaches Kasaragod at 1.25 am. The train covers the distance of 586 kilometers between the two cities in 8 hours 5 minutes.

16. Pura Howrah Vande Bharat Express

PM Modi had flagged off the Vande Bharat train between Puri to Howrah on 19 May. The train operates 6 days a week except Thursday. The journey of 502 kilometers is completed in 6 hours 45 minutes.

17. Dehradun-Delhi Vande Bharat

Today PM Modi has given the gift of 17th Vande Bharat to the country. This train will be operated regularly from 29th May. The train will complete the journey of 302 kilometers in 4.45 hours.

The post Vande Bharat Express: Vande Bharat is operating on these 17 routes, know all the details first appeared on Rightsofemployees.com.