Capital gain

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

13 January 2012 My self & my brother own a residential property inherited by will. This property consist common building and space for both of us and exclusive vacant site to me and enjoyed by me. From out of sale consideration I like to distribute a part to my son & daughter, retaining some to distribute LTCG and also for wealth distribution. For this should i write settlement deed and register it or sale consideration be specified in sale deed in the name of all the beneficiaries for IT?
Thanks

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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15 January 2012 THE QUERY IS NOT CLEAR FROM THE POINT ...
FROM OUT OF SALES CONSIDERATION....
IT REQUIRES A MENTION OF THE ASSET SOLD AND
DETAILS ABOUT RETAINED ASSETS.
IN CASE OF SETTLEMENT DEED , IN MY VIEW AMOUNT HAS TO BE MENTIONED , WHEN DISPUTE INVOLVING ANY AMOUNT PREEXISTED. OTHERWISE SALES CONSIDERATION IS NOT REQUIRED TO BE MENTIONED.
IF YOU ARE ENTERING INTO SALE AGREEMENT THAN MENTION OF SALES CONSIDERATION IS MUST.

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