Sale of property

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kiran (Querist)
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05 July 2014 my father, paternal uncle, 2 paternal aunts and (paternal aunt and their two daughters jointly). totally 5 people above own 1 property which is ancestrol received from my grand mother. so while selling this property, will the income be treated to be earned by individual by dividing the consideration between 5 or will be co sidered as income earned by HUF

Rupesh Jain

Rupesh Jain (Expert)
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05 July 2014 it is taxable in hand of seller and take the value of the last owner and calculate the long term capital gain.

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