Capital Gains

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AMIT K VYAS (Querist)
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23 November 2020 Mr A & Mr B are cousin brothers who applied jointly for allotment of a residential Flat through a public lottery system launched by the Mumbai Housing & Area Development Board (MHADA) in the year 2002. The Flat was duly allotted to their joint names. The purchase price was Rs 13 lacs which was entirely paid by Mr B.
Now Mr B proposes to dispose off the property at a price of Rs 1, 20,00,000/- . The entire consideration would be paid to Mr B and Mr A would relinquish his right to the consideration. What are the tax implications for Mr A

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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23 November 2020 It's taxable as cousin brothers will not be considered as relative under income tax.

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