Property transaction

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

28 October 2011 Dear Respected Members
Facts of the Case:
One of my Friends relative has sold the property for the value of Rs 10 Lacs, which was owned jointly by Mr.Rajesh (Aged 45 Years),Mrs Rajini (Aged 65 Years) & Mrs Sharmila(Aged 48 Years).Now the Purchaser Party has issued the cheque divided equally in the name of above assessee. My Query is that all the above co-owner has not shown the above said property in their respective books of accounts. But now they want to disclose the same in thier books.The sale proceeds of the above said property will be utilised for purchasing another property in the name of Mrs Sharmila Only. What are the consequences. How to tackle this issue. What will be tax liabilty.

Querist : Anonymous

Querist : Anonymous (Querist)

02 November 2011 Please reply the above query