Capital gains
This query is : Resolved
BHAVIKA GANDHI
(Querist)
07 June 2011
Mr. A died intestate leaving behind him his widow Mrs. X,Mr. A and Mr.B two major sons of Ms. Y a married daughter. Mr A had two immovable properties each one held jointly with one of the two sons. Mr A, MR. B and Ms Y relinquised their rights in the inherited properties in favour of their mother. Will they be liable to pay capital gains tax on relinquishment of rights in such properties ? And if they are liable to capital gain tax for such relinquisments, what will be the tax implications when their mother sells the said properties and rights received on relinquishment by her children?
CA PARAS BAFNA
(Expert)
13 June 2011
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