capital gain
This query is : Resolved
15 July 2011
we got the ancestral property(residential) from grand father(GF),who bought the same around 1950.
my grand father has 1 son(my father) & 1 daughter.
my GF expired in 1960 & some portion of the property allotted to aunty due to filling suite in court in 1976.
recently the above said property was sold out.
but the registration documents are in the name of my GF only.
in the recently sold-out registration document my father, my brothers & sisters names were included as vendors and we signed .
all the power,muncipal tax etc, are paid in the my father.
1. Now who will be liable to pay capital gain,either my father alone or all of us who's names included as "vendor" in the registration document(property documents are in the name of my GF)
2.Oral partition of property was made in 1986.
A. validity of the oral partition?
B. Is oral partition should be in writing?
3.we have made some development in the above said property(no document proof) & paid the municipal property tax,power bills related to above developments.
A.can we claim above developments from capital gain on approximated amount?
B.is valuation of property required to claim?
my grand father has 1 son(my father) & 1 daughter.
my GF expired in 1960 & some portion of the property allotted to aunty due to filling suite in court in 1976.
recently the above said property was sold out.
but the registration documents are in the name of my GF only.
in the recently sold-out registration document my father, my brothers & sisters names were included as vendors and we signed .
all the power,muncipal tax etc, are paid in the my father.
1. Now who will be liable to pay capital gain,either my father alone or all of us who's names included as "vendor" in the registration document(property documents are in the name of my GF)
2.Oral partition of property was made in 1986.
A. validity of the oral partition?
B. Is oral partition should be in writing?
3.we have made some development in the above said property(no document proof) & paid the municipal property tax,power bills related to above developments.
A.can we claim above developments from capital gain on approximated amount?
B.is valuation of property required to claim?
15 July 2011
First of the property was purchased in 1950 and you have to procure a valuation report as on 31.3.1981 or 1.4.1981 to ascertain the value for calculation of capital gain.
Since after death of your grand father the property is to move to your father and sister of your father it is individual property and not HUF property. If your grandfather has left any will and through that will if it is also given to grand sons and other family members then only they are entitled to show capital gains in their hand provided the will has been executed.
The partition is done only of HUF property but a family settlement can be made in writing and the individual members can claim the property and capital gains in their hands.
If the amount spent on construction has been shown and is appearing in the balance sheet then it can be claimed but in whose Balance Sheet it is appearing is to be examined.
Unless full and clear facts are not available it is very difficult to comment and give proper guidance.
Since after death of your grand father the property is to move to your father and sister of your father it is individual property and not HUF property. If your grandfather has left any will and through that will if it is also given to grand sons and other family members then only they are entitled to show capital gains in their hand provided the will has been executed.
The partition is done only of HUF property but a family settlement can be made in writing and the individual members can claim the property and capital gains in their hands.
If the amount spent on construction has been shown and is appearing in the balance sheet then it can be claimed but in whose Balance Sheet it is appearing is to be examined.
Unless full and clear facts are not available it is very difficult to comment and give proper guidance.
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