Portugese civil code..
This query is : Resolved
31 July 2013
1. What is Portuguese civil code?
2. what should be done if a house is sold named after 7 brothers and sisters but only 1 brother lives in it.. the amount is distributed among all..
3. What should e done if we dont know if there has been any expenses on the house mentioned above...
2. what should be done if a house is sold named after 7 brothers and sisters but only 1 brother lives in it.. the amount is distributed among all..
3. What should e done if we dont know if there has been any expenses on the house mentioned above...
CA PARAS BAFNA
(Expert)
31 July 2013
1. Please follow the link and refer Section 5A for Income-Tax Purpose.
https://casansaar.com/articles-detail/What-is-Portuguese-Civil-Code-mentioned-in-Income-Tax-Return/2125.html
.
2. All the siblings or co-owners will proportionately be liable for capital gains, if any.
.
3. If the house is acquired by them or their ancestors prior to 1.4.1981, Fair Market Value as on 1.4.1981 may be considered as cost of acquisition.
.
https://casansaar.com/articles-detail/What-is-Portuguese-Civil-Code-mentioned-in-Income-Tax-Return/2125.html
.
2. All the siblings or co-owners will proportionately be liable for capital gains, if any.
.
3. If the house is acquired by them or their ancestors prior to 1.4.1981, Fair Market Value as on 1.4.1981 may be considered as cost of acquisition.
.
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