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Capital Gain Tax

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(Querist)
17 January 2011 Mr. A purchase house property in the year 1979 and transfer the same in the name of his elder son Mr X in the year 1991. Mr A has three son X, Y, & Z. Now the propery will be sold and sale proceed will be distributed equally to three son X Y Z.

How the tax will be effected and what tax planning should be done
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Sunil Kr. Sanganeria

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Sunil Kr. Sanganeria (Expert)
17 January 2011 Since the property is in the name of son. Any profit/loss arising from the sale of property will be taxed under the head Capital Gain in the hands of X Only.

After receiving the sale proceeds by x, X can gift the money to his brother Y & Z
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Bimal Thacker

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Bimal Thacker (Querist)
19 January 2011 as the property is proposed to sale, whether before sale gifting the share to two brother is possible?
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