Income out of selling ancestral property
This query is : Resolved
09 April 2022
Dear sir(s)
My father in law 30year old house is likely to be sold. My wife indian citizen and resident will get some share out of it.
Is this income taxable and can she save tax by buying another property for herself.
Her brothers are also share holder in this property. will they be also taxed in India as they are foreign citizens and NRIs.
How to calculate the income earned in this case.
Thanks to all
My father in law 30year old house is likely to be sold. My wife indian citizen and resident will get some share out of it.
Is this income taxable and can she save tax by buying another property for herself.
Her brothers are also share holder in this property. will they be also taxed in India as they are foreign citizens and NRIs.
How to calculate the income earned in this case.
Thanks to all
10 April 2022
Before selling the property ask your father in law to execute gift deed for your wife's portion of property, so that she can jointly sell the property and your wife can avoid capital gains by investing in other property.
With regard to her brothers portion let your father in law sell the property and pay capital gains tax and tranfer the balance amount.
With regard to her brothers portion let your father in law sell the property and pay capital gains tax and tranfer the balance amount.
10 April 2022
Thanks Mr. Seetharaman appreciate your advice and valuable time.
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