Capital gains
This query is : Resolved
19 June 2007
A widow aged 85 years has a property transferred to her on the death of her husband. Now she wants to sell the same for 2 crores in this year. She has never ever paid any tax. She has four children. How can the property be sold with no tax liability on the widow?
18 July 2007
Rashmi
You have to clear the said property time period after buy.
But As per your query its long term capital gain and she have four children she can divide amount in five part 1st part is for her, rest of four part between her four children. and she is already senior citizen so no worry abt her tax..but till i suggest to contact best CA regarding the same. or She Can give gift to her children's child..or her daughter in law if any.
You have to clear the said property time period after buy.
But As per your query its long term capital gain and she have four children she can divide amount in five part 1st part is for her, rest of four part between her four children. and she is already senior citizen so no worry abt her tax..but till i suggest to contact best CA regarding the same. or She Can give gift to her children's child..or her daughter in law if any.
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
- Claiming exemption of perquisite for employee-owned car under New Tax Regime in ITR-2
- PPF interest-As Exempt Income disclosure
- Gift of mutual fund units to daughter
- Pass word to open justification report for Q1 for FY 2026-27
- Section 194JA & JB Income which ITR Form to use
- Scrutiny and reopening of past returns
- Under construction property in ITR
- Upload Level ValidationITR3Category of Defect B/D
- Reporting of STCG on Property in ITR
- Building tax payment deduction in rental Income
- Can partnership firm show income under 44ad
- FEMA regulation Act. for inward remitance
- 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
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
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
