Portugese civil code..

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Abhishek (Querist)
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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...

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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31 July 2013 1. Please follow the link and refer Section 5A for Income-Tax Purpose.

http://casansaar.com/articles-detail/What-is-Portuguese-Civil-Code-mentioned-in-Income-Tax-Return/2125.html
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2. All the siblings or co-owners will proportionately be liable for capital gains, if any.
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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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