capital gain
This query is : Resolved
Geetha C menon
(Querist)
14 July 2011
I have sold my land . As per deed 1/3rd share is of mine. but all the sales amounts were deposited in my bank account. what is the long term capital gain tax
U S Sharma
(Expert)
14 July 2011
you did not mentioned the way of distribution of 2/3 share ........ ( maybe you are holding power of attorney from other members)
if to be distributed in immediate future by banking channel, then liable for 1/3 capital gain otherwise 100% LTCG tax liability is with yourself.
if to be distributed in immediate future by banking channel, then liable for 1/3 capital gain otherwise 100% LTCG tax liability is with yourself.
hshivakumar
(Expert)
15 July 2011
you are liable for capital gains for 1/3 only and your other co-owners also offered their share of capital gains then no issue.
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