28 June 2019
Hai My Grandfather Purchased Plot within Municipal Limits on 26-06-1973 For Rs.3000. Value as on 1-04-2001 is Rs.21,35,280. He is expired in 2012. Now it is Sold for Rs.53,58,000 and Credited in my Bank account and transferred Rs. 25,00,000 to my elder brother and Rs.8,58,000 to my sister account. Can you please guide me Who can liable to Pay Capital gain tax
28 June 2019
Capital gain accrues to the person who have transferred the capital asset. If the asset was transferred by you, you are liable to pay the tax. If it was partly transferred by you, you are liable to pay the tax on your part.
29 June 2019
Thanks Rajesh Kumar garu, I transferred partly and received RS.25,00,000. But total consideration is credited in my bank account. If I liable to pay partly how can I take cost of acquisition
08 October 2021
As per the share received by each heir, be it through settlement deed or otherwise. Here if you two brothers declare gain equally, no problem envisaged.
CAclubindia
