Capital gain on sale of ancestral property
This query is : Open
23 July 2016
My father has an ancestral land which is being sold and the sale proceeds are to be divided between my father and his younger brother. My father has no other taxable income... My father's share would be around 35 lacs.. I want to know whether any capital gain liability exists for my father or not?
24 July 2016
I am assuming that the property is in your father's name but your grandfather bequeathed the property to both sons. In this case property should be sold & net proceeds divided. Capital gain to be computed for the entire property and each brother to show equal amount of gain in his return. You may consult a good lawyer about a settlement deed as I am not aware of that.
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