Capital gain
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 January 2015
There is a residential plot held by three brothers i.e. Registry is in the joint name of three brothers though there is no ratio specified in the registry.
(1) Now the plot is being sold. I wish to know that while calculating capital gains - whether capital gains would be equally distributed among three brothers i.e. capital gain 1/3rd to each brother or can it be that 1st brother takes 2/6th and the two other brothers take 1/6 th each of the capital gain.
(2) Similarly whether the expenses like brokerage etc on sale can be taken by any one of the brother or it has to be divided equally?
(1) Now the plot is being sold. I wish to know that while calculating capital gains - whether capital gains would be equally distributed among three brothers i.e. capital gain 1/3rd to each brother or can it be that 1st brother takes 2/6th and the two other brothers take 1/6 th each of the capital gain.
(2) Similarly whether the expenses like brokerage etc on sale can be taken by any one of the brother or it has to be divided equally?
08 January 2015
When plot was purchased no ratio was mentioned in the registry therefore plot would be deemed to be held in equal ratio.
Regarding capital gains burden if it is desired that 1st brother would take 2/6 and other two would take 1/6 each then it is preferable to make an agreement to this effect prior to or on the date of sale of plot.
Regarding capital gains burden if it is desired that 1st brother would take 2/6 and other two would take 1/6 each then it is preferable to make an agreement to this effect prior to or on the date of sale of plot.
08 January 2015
SINCE IN THE ABSENCE OF ratio all will be having 1/3 only in all aspects even in capital gain as there is no agreement made.
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 January 2015
Thanks a lot to both of you.
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