Capital Gain on land
This query is : Resolved
06 December 2016
Respected Expert,
This might sound wierd....but i am asking this query on purpose...as a Chartered Accountant in my town said so..
My deceased grand father has a land(non agricultural land). He is having 3 sons...
My father and 2 brothers....
Last month they divided the land into 3 parts and registered the same in their names respectively paying the appropriate registration fee.
Does this attract any Capital Gains...??
or any other taxes..
A chartered Accountant in my town said that tax is payable..I felt wierd....but for a second doubted myself that he might be right...
Can u please guide me in this regards as to whether any tax is payable..
Thank You.
Message likes :
1 times
06 December 2016
As per sec 47 (iii) transaction will not be regarded as transfer as the same be come under "transfer of capital asset under gift or will or and irrevocable trust" so no capital gain will be applicable
Message likes :
1 times
07 December 2016
Hope it is under a Will, The opinion of Mr. Gupta is absolutely right
Message likes :
1 times
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
- About TDS & Income Tax
- Scrutiny and reopening of past returns
- PPF interest-As Exempt Income disclosure
- Pass word to open justification report for Q1 for FY 2026-27
- Section 194JA & JB Income which ITR Form to use
- Booth for sales promotion
- Type of Capital Gain
- F & O PROFIT REPORTING FOR AY 2026-27
- Average Cost Of High Quality Diamonds
- Regarding ITR filing with more value than showing in AIS/TIS
- TDS on Rent received on redevelopment of building
- Tax on Deemed Capital Gain
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
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
