Capital gain
This query is : Resolved
07 August 2013
SIR,
FATHER OF 7 SON IS DIED IN 1994. AND HIS PROPERTY IS TRANSFER TO 7 SONS IN EQUAL PROPORTION. AND IN YEAR 2010 SIX PERSON IS RELEASE HIS PROPERTY PORTION TO REMAINING SON. AND THIS PERSON SALE THE PROPERTY IN 2011-12.
WHAT TREATMENT IN CAPITAL GAIN TAX. AND TAX LIABILITY FOR ALL PERSONS
FATHER OF 7 SON IS DIED IN 1994. AND HIS PROPERTY IS TRANSFER TO 7 SONS IN EQUAL PROPORTION. AND IN YEAR 2010 SIX PERSON IS RELEASE HIS PROPERTY PORTION TO REMAINING SON. AND THIS PERSON SALE THE PROPERTY IN 2011-12.
WHAT TREATMENT IN CAPITAL GAIN TAX. AND TAX LIABILITY FOR ALL PERSONS
07 August 2013
PLEASE SOLVED MY CAPITAL GAIN QUERY.
08 August 2013
1. When 6 persons released their share in favour of 7th, it is a gift and there is no tax liability in the hands of all the 7.
2. When the 7th sells the property, capital gain will arise in his hands. Cost of acquisition shall be the cost for which the property was acquired by his father.
2. When the 7th sells the property, capital gain will arise in his hands. Cost of acquisition shall be the cost for which the property was acquired by his father.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Scrutiny and reopening of past returns
- Tax on Deemed Capital Gain
- Regarding ITR filing with more value than showing in AIS/TIS
- Booth for sales promotion
- Type of Capital Gain
- F & O PROFIT REPORTING FOR AY 2026-27
- Exiting partner in partnership firm in gst portal
- FEMA regulation Act. for inward remitance
- Difff in ais receipts and gst turnover
- Can a single LLP in India legally operate multiple unrelated businesses (Travel, Cloud Kitchen, Ecom
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
