Capital gains tax on sale of property
This query is : Open
01 May 2017
A has two sons & one daughter. He lost his wife long time ago. A transferred his residential house to his sons B&C, by a registered gift deed.
Now A has asked B&C to sell the house and distribute the sale proceeds in four equal shares.
My questions are:
1. Can B&C receive sale consideration in 4 equal shares?
2. If not, then B&C will pay the above stated shares to A & Daughter. In such a situation, who would pay capital gains tax?
03 May 2017
1 No.
2 Capital gains tax will be paid by B &C.
2 Capital gains tax will be paid by B &C.
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03 May 2017
Thank you Sir
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