Capital gain

This query is : Open

bhumi ruparel (Querist)
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19 March 2013 I hv sold my father's property which was purchased by him before 1980.
Proerty was titled to father's and nominated to me and my brothers.
For d sales purpose, we make one stamed document in which mentioned tht property is tranfer to my name on behalf of my brother.
Aft tht we sold property and cheque was received on my name.
So now to get benifit in income tax can v divide sales amt within all my brother.
Is their any legal documents required for this division?

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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17 July 2013 You have made the mistake why you have not sold the property in the joint name? Now, if you make any document it will not be hold good. So you have to make a document before sale that this property belongs to your father's HUF and you and your brother with your father are making the family settlement as the property was purchased with the family funds of your father. It has to be stated in that very agreement that for sale you are authorised to sign in your name this might solve your problem

bhumi ruparel

bhumi ruparel (Querist)
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21 July 2013 Thanks sir...
Can u pl knw how to value property as it was purchased b4 1980 so stamp value not applied at tht time..

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