Purchase of property

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

11 December 2012 Supposing Mr A has an ancestral property which he shares with his brothers Mr B, Mr C and Mr. D.
Mr. B in living in that house.
Today the property values Rs 20 lakhs.
Mr A decides to take his share in the property of Rs 5 lakh from Mr B.
Mr A wants to invest the same in a new property he plans to buy and give Rupees as initial amount.
What will be the tax liability for this 5 lakh and how it can be avoided.

Amol S Joglekar

Amol S Joglekar (Expert)
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11 December 2012 Give and take is the walk of our life but it is better if you tell the things in purchase and sell instead of give and take.
As I understand your query.... a,b,c and d have an ancestral property where b is staying. 1/4th share owned by b is sought to be purchased by a. Go ahead and buy it. B will be having capital gain.

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