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.
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
- Tax on Amount transferred in HUF Account
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Nursery business
- GST input credit on commercial property
- Working on Gold wastage during Melting of old gold jewellery
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- TDS on Dashcam rent and allied services
- TDS- 2026-27 Q1 Correction
- How do you manage client document collection and follow-ups in your CA/CS practice?
- Royalty payments to the Mining Department for procurement of murum - GST input
- Capital Gains Tax on Inherited Mutual Fund
- IMS (import of goods) ITC related
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
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
