capital gain
This query is : Resolved
19 July 2009
My father died on may—2009. he was the owner of the commercial shop.
I (son ) want to sale that commercial shop. I have a mother & sister (married ).
My father was the income tax assessee. My father has not prepared any deed/ will of that property.
sale value of that shop is RS 350000.00
WHAT WILL BE THE THE INCOME TAX PROCEDURE.
Can my sister (married ) get the portion of sale value as per the law.
I (son ) want to sale that commercial shop. I have a mother & sister (married ).
My father was the income tax assessee. My father has not prepared any deed/ will of that property.
sale value of that shop is RS 350000.00
WHAT WILL BE THE THE INCOME TAX PROCEDURE.
Can my sister (married ) get the portion of sale value as per the law.
MANISH MITTAL
(Expert)
19 July 2009
Absense of will, the property will be vested to wife, son and daughter of your father as per Hindu Laws. on sale of property, capital gain (sale consider-direct sale expendire-index cost of acquision)would be taxable in the hand of all property owners. Your sister will be liable to capital gain tax on her portion.
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
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Capital Gail Exemption Certificate
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Transfer of Physical Stock Between Two Proprietorship Concerns
- MSME disclosure and disallowance
- EPF ECR NEW RULES Sep 17th 2026
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- 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
- Goods sold but invoice not issued
- 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
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
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
