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.
Message likes :
1 times
03 May 2017
Thank you Sir
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
- Selecting Tax Regime while for calculating tax relief on under Section89 of income tax act 1961.
- Forgot to update debit note in gst
- Cloud service
- Relief Calculation u/s 89 of ITax 1961 in TableA Form10E
- Expenses add back in profit
- Sale of Gold ornaments
- Running non ac bus under contract with roadways
- GST ITC on Liquidated damages
- GST ON FOREIGN CLIENT
- Can we issue an invoice today
- Tds on GST in connection with sale to public company
- B2B Amendment
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- Regarding Advance Tax not claimed in the Return of Income for A.Y. 2025-26
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
- Updated return in budget 2026
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
