Capital gain tax on co owned house property

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

05 August 2011 Dear Sir,
my client had co-owened house property which sold out at 27th dec2011 for Rs. 2900000 and as on 30 jan my client dead.my client rcv 18 lakh and other owner rcv Rs. 11 lakh.
this property purchased on 30/03/2005 for Rs. 1070700.in this situation wat can i do?
i not able to receive any detail from alive partener.
Thanx in Advance..

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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07 August 2011 Please Calculate LTCG in respect of the share of the Dead Co-Owner considering his share in the co-owned property.

This can be confirmed by you by verifying the cost of acquisition in his balance sheet or amount paid by him in respect of the property. Whether it is Approx. 665000/ or else.

If both the co-owners have equally paid
initially, calculate capital gain accordingly. In this case 1450000/ will be sales consideration. And tax will be paid
accordingly.

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