10 November 2015
My client Sale a Heritage (Grandfather flat) Property, whatever amount recived were distributed in brothers, My client recived some part of amount Rs. 15,00,000/- is it taxble or exempt.
11 November 2015
You have not clarified whether the property was of that of HUF and if it is received by way of partition of HUF then no tax on the HUF and the individual member shall be liable for the capital gains.
If the property has been sold in the name of HUF then HUF is liable for capoital gains after indexation by tking the valuation as on 1.4.1981.
In case of any Memorandum of understanding then also the share of each member is to be taxed in their hands as Long Term Capital Gains
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