Purchase of property
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.
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
(Expert)
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.
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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